数据要素市场化配置与全要素生产率——来自数据交易平台设立的证据

Market-based Allocation of Data Factors and Total Factor Productivity:Evidence from the Establishment of Data Trading Platforms

本文基于2007—2022年中国沪深A股上市公司数据,利用各城市(地级市/直辖市)设立数据交易平台的准自然实验,证实了数据要素市场化配置对企业全要素生产率具有显著提高作用。数据要素市场化配置通过提高资源配置效率、降低成本费用、强化市场竞争发挥价值创造作用,且该作用在企业内部禀赋较差、外部环境较好时更为明显。基于区域层面全要素生产率的检验结果表明,数据要素市场化配置在提高城市全要素生产率的同时产生正向空间溢出效应。本文从全要素生产率视角揭示了数据要素市场化配置的价值创造作用,为加快形成新质生产力以及政府构建全国统一的数据要素市场政策制定提供经验证据。

Based on the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2022,this study confirms the significant enhancement role of market-based allocation of data factors on firms'total factor productivity by using a quasi-natural experiment in which each city(prefecture-level city/municipality directly under the central government)sets up a data trading platform.We find that the market-based allocation of data factors plays a value-creating role by optimizing resource allocation,reducing costs and expenses,and strengthening market competition.This role is more obvious when the internal endowment of enterprises is worse and the external environment is better.The test results based on the total factor productivity at the regional level show that the market-based allocation of data factors has a positive spatial spillover effect while improving urban total factor productivity.This study reveals the value-creating role of the market-based allocation of data factors from the perspective of total factor productivity,provides a feasible path for accelerating the formation of new quality productive forces,and provides empirical evidence for the government's policy formulation of building a nationally unified data factor market.