数据要素市场化与企业投资效率:来自中国的证据

IF 7.5 1区 经济学 Q1 BUSINESS, FINANCE
Shan Wu , Mengqi Zou , Tongen Jin
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引用次数: 0

摘要

数据要素已成为企业优化资源配置的重要动力。为了提高数据的收集、可用性和可及性,数据要素市场化作为数字经济时代的重要发展趋势,正逐步与企业的运营模式和决策逻辑融合并深刻改变,对企业的投资决策和效率产生深远的影响。本研究以2014年以来全国各城市陆续建立数据交易平台的研究场景为基础,构建多时期差异中的差异模型,探讨数据要素市场化对企业投资效率的影响及机制。结果表明,数据要素市场化可以显著提升企业投资效率,机制分析表明,这种效应通过加剧市场竞争、缓解融资约束、提高管理效率来实现。异质性分析表明,在公司治理水平较好、公司技术强度较高、区域法制制度环境较好、地方政府对数字经济重视程度较高的样本中,数据要素市场化对投资效率的影响更为显著。进一步分析表明,数据要素市场化可以缓解过度投资和投资不足。本研究从投资效率的角度揭示了数据要素市场化的价值创造作用,为政府进一步推进数据要素市场化配置改革提供了经验依据和政策见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Data element marketization and corporate investment efficiency: Evidence from China
Data elements have been a crucial driving force for companies in optimizing resource allocation. For improved collection, availability, and access, marketization of data elements, as a significant development trend in the digital economy era, is gradually becoming integrated with and profoundly transforming corporate operational models and decision-making logics, exerting a far-reaching impact on corporate investment decisions and efficiency. Based on the research scenario in which data-trading platforms have been successively established in various cities in China since 2014, this study constructs a multiperiod difference-in-differences model to explore the impact and mechanism of data element marketization on corporate investment efficiency. Results indicate that data element marketization can significantly enhance corporate investment efficiency, with mechanism analysis revealing that this effect occurs by intensifying market competition, alleviating financing constraints, and improving management efficiency. Heterogeneity analysis reveals that data element marketization has a more pronounced effect on investment efficiency in samples with better corporate governance, higher corporate technological intensity, better regional legal institutional environments, and greater local government attention to the digital economy. Further analysis shows that data element marketization can alleviate overinvestment and underinvestment. This study reveals the value-creation role of data element marketization from the perspective of investment efficiency, providing empirical evidence and policy insights for the government to further its reforms in the market-oriented allocation of data elements.
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来源期刊
CiteScore
10.30
自引率
9.80%
发文量
366
期刊介绍: The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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