关键词: 数据要素市场化, 人工智能创业活力, 风险投资, 企业家精神

Abstract: As data serve as the core foundation for the development of artificial intelligence (AI), whether its market-oriented allocation can effectively stimulate urban AI entrepreneurial vitality constitutes a critical issue in the current digital economy era. Based on the panel data of 271 Chinese cities from 2008 to 2023, this paper employs the establishment of data trading platforms as a quasi-natural experiment to systematically investigate into the impact and the underlying mechanism of data factor marketization on urban AI entrepreneurial vitality. The research findings indicate that data factor marketization significantly enhances urban AI entrepreneurial vitality. Mechanism analysis reveals that promoting venture capital development and stimulating entrepreneurship are crucial transmission pathways through which data factor marketization empowers AI entrepreneurial vitality. Heterogeneity analysis shows that the promoting effect of data factor marketization is more pronounced in cities with high data transmission efficiency, high education level, and in those located in the eastern coastal regions. Further spatial effect tests uncover the fact that data factor marketization generates positive spatial spillover effects, which effectively boosts AI entrepreneurial vitality in the neighboring cities. This study not only deepens the understanding of the relationship between data factors and entrepreneurship theory, but also provides a scientific basis for optimizing the design of data factor market and formulating precise AI industry policies.

Key words: Data Factor Marketization, AI Entrepreneurial Vitality, Venture Capital, Entrepreneurship