企业数据资产对全要素生产率的影响研究

A Study on the Influence of Corporate Data Assets on Total Factor Productivity

利用2010—2022年我国沪深A股上市公司数据,对企业数据资产与企业全要素生产率的关系及其作用机制进行了研究,结果表明:企业数据资产显著正向影响全要素生产率,经过稳健性检验和内生性处理后结论仍然成立。机制研究表明,企业数据资产主要通过促进企业数字化转型和降低企业运营成本提升企业全要素生产率。异质性分析表明,数据资产对企业全要素生产率的影响因企业、行业和地区的不同而存在差异,企业数据资产对企业全要素生产率的提升作用在大规模企业和融资约束较低企业、低竞争行业和高智能化水平行业更为明显,同时较高的地区市场化程度和数字基础设施建设水平有利于发挥数据资产的生产率提升效应。研究结论丰富了企业数据资产和全要素生产率的相关文献,验证了数据资产在提升全要素生产率中的重要作用,对数据资产的实践发展亦提供了有益参考。

Using data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022,this paper studies the effect and mechanism of enterprise data assets on total factor productivity.The results show that enterprise data assets can significantly improve total factor productivity,which is still holds after a series of robustness checks and endogenous tests.The mechanism analysis indicates that enterprise data assets affect the total factor productivity of enterprises through two primary mechanisms.Heterogeneous analysis indicates that the impact of data assets on the total factor productivity of enterprises varies across enterprises,industries,and regions.The enhancing effect of corporate data assets on the total factor productivity is more pronounced in large-scale enterprises and those with lower financing constraints,as well as in industries with low competition and high levels of intelligence.Moreover,a higher degree of marketization and the level of digital infrastructure construction in a region are conducive to leveraging the productivity-enhancing effects of data assets.The research conclusions not only enrich the relevant literature on enterprise data assets and total factor productivity,verify the important role of data assets in improving total factor productivity,but also provide useful reference for the practical development of data assets.