“因数而智”:数据要素市场化配置赋能企业实质性绿色创新

“Transformation of Data Factors into Intelligence”: The Market-based Allocation of Data Factors Enables Corporate Substantive Green Innovation

中文关键词:  数据要素市场化配置  实质性绿色创新  交易成本降低效应  绿色创新决策互动强化效应  交易型数据资产化

英文关键词:market-based allocation of data factors  substantive green innovation  transaction cost reduction effect  interaction effect of green innovation decisions  transactional data assetization

中文摘要:

      数据是重要的基础资源和创新引擎,数据要素市场化配置既是释放数据要素价值的先决条件,又为驱动企业绿色创新提供了“源动力”。基于2011—2021年中国A股上市公司数据,实证检验了数据要素市场化配置对企业实质性绿色创新绩效的影响。研究发现:数据要素市场化配置提升了企业实质性绿色创新绩效,实现了“因数而智”；机制检验结果显示,市场渠道性交易成本降低效应和绿色创新决策互动强化效应是诱发企业实质性绿色创新绩效“因数而智”的内在机制。基于TOE框架的异质性检验表明,数据要素市场化配置对企业实质性绿色创新的驱动效应,在数字技术使用广度较高、应用深度较低,以及非国有企业和行业集中度较低的情境下显著。进一步研究发现,交易型数据资产化是企业实质性绿色创新绩效“因数而智”的重要触发条件,当企业交易型数据资产化水平处于2.708~2.996时,数据要素市场化配置对企业实质性绿色创新的驱动效应呈现最优状态。因此,政府应系统推进数据要素市场化改革,聚焦数据要素市场化实践应用,发挥“领头羊”企业的示范作用,激发企业绿色创新活力,助力企业高质量发展。 

英文摘要:

      Data serve as an important fundamental resource and innovation engine. The market-based allocation of data factors is not only a prerequisite for releasing the value of data factors but also a primary driver for corporate green innovation. Based on data from China's A-share listed companies from 2011 to 2021, this study empirically examines the impact of the market-based allocation of data factors on firms' substantive green innovation performance and its underlying mechanisms. The findings reveal that such allocation enhances substantive green innovation performance, thereby realizing the “transformation of data factors into intelligence”. The transaction cost reduction effect of market channels and the interaction effect of green innovation decisions are the key intrinsic mechanisms underlying this transformation. Heterogeneity analysis based on the Technology-Organization-Environment (TOE) framework shows that the driving effect of the market-based allocation of data factors on corporate substantive green innovation is more pronounced in contexts characterized by extensive digital technology adoption but limited application depth, non-state-owned firms, and industries with lower concentration. Further analysis indicates that transactional data assetization serves as a critical catalyst for the “transformation of data factors into intelligence”, with the most optimal driving impact of the market-based allocation of data factors on corporate substantive green innovation observed when a firm's level of transactional data assetization falls within the range of 2.708 to 2.996. Therefore, governments should systematically advance market-oriented reforms of data factors, focus on the practical application of data factors in the market, leverage the demonstration effect of leading enterprises, stimulate corporate green innovation vitality, and promote high-quality corporate development. 