数据要素市场化建设与企业数字化转型——基于数据交易平台的准自然实验

Data Elements Marketization and Enterprise Digital Transformation:A Quasi-natural Experiment Based on Data Trading Platform

以2011—2021年沪深A股上市公司为样本,使用多时点双重差分模型验证了以数据交易平台为代表的数据要素市场化建设对企业数字化转型影响。结果表明:数据要素市场化建设显著促进了企业数字化转型,此结论经过一系列稳健性检验后依然成立。机制检验表明,数据要素市场化建设主要通过提高市场整合和降低交易费用显著提高企业数字化转型水平。异质性检验表明,数据要素市场化建设对企业数字化转型影响在企业所有制特征、企业规模特征、技术禀赋特征和区域特征方面存在显著的异质性。进一步研究发现企业数字化转型水平的提高能够显著提升企业市场价值水平和企业盈利能力。

Taking the Shanghai-Shenzhen A-share listed companies in 2011—2021 as the sample,the multi-point difference-in-difference model was used to verify the impact of data elements marketization on the digital transformation of enterprises represented by the data trading platform.The results show that data elements marketization has significantly promoted the digital transformation of enterprises,and this conclusion is robust.The mechanism test shows that data elements marketization significantly improves enterprises'digital transformation level by improving market integration and reducing transaction costs.The heterogeneity test indicates significant heterogeneity in enterprise ownership,enterprise scale,technology endowment,and regional characteristics.Further research finds that improving enterprise digital transformation level significantly improves enterprises'market value and profitability.