Exploring the transmission pathway of “Data-Finance” synergistic clustering on corporate economic adaptability: Evidence from quasi-experimental analysis in national Big Data Pilot Zones

Abstract

Under the dual impetus of digital transformation and financial deepening, data has become a critical driver of economic development. This study, set against the backdrop of national big data comprehensive pilot zones, utilizes data from Chinese listed companies spanning 2011–2022. Employing a multi - period difference - in - differences method, it thoroughly examines the impact of “Data + Finance” dual agglomeration on corporate economic resilience, which encompasses growth resilience and volatility resilience. The research findings reveal that data factor agglomeration significantly enhances both corporate economic growth resilience and volatility resilience. Financial agglomeration, on the other hand, primarily exerts a positive impact on economic growth resilience, with little discernible effect on volatility resilience. Mediating effect analysis indicates that data factor agglomeration indirectly strengthens corporate economic growth resilience by promoting financial agglomeration. Further heterogeneity analysis uncovers significant differences in the positive effects of data factor agglomeration and the mediating role of financial agglomeration across firms of varying scales and industries (high - tech and non - high - tech). This study not only provides empirical evidence on the impact of “Data + Finance” dual agglomeration on corporate economic resilience but also offers strategic guidance for enterprises to enhance resilience and address challenges in the digital economy era. It holds profound significance for promoting the deep integration of the digital economy with the real economy.