Abstract: This article uses data from manufacturing companies listed on the stock market from 2011 to 2021, taking the establishment of data trading platforms as a quasi-natural experiment, and employs a multi-period difference-in-differences model to study the impact of marketization of data elements on key core technological innovation in enterprises and its underlying mechanisms. The results show that the marketization of data elements represented by digital trading platforms can significantly promote the innovation of key core technologies in enterprises. This conclusion remains valid after a series of robustness tests. The mechanism test found that the marketization of data elements mainly promotes the key core technological innovation of enterprises through three paths: promoting the digital transformation of enterprises, alleviating financing constraints, and enhancing the ability to take innovation risks. The analysis of the moderating effect found that the absorptive capacity of enterprises and the protection of intellectual property rights by the government have strengthened the promotion effect of the marketization of digital factors on the key core technological innovation capabilities of enterprises to a certain extent. The heterogeneity analysis found that the promotion effect of data element marketization on the innovation of key core technologies in enterprises is more significant in state-owned enterprises, high market competition environments, and enterprises located in developed cities.

Key words: Marketization of Data Elements, Digital Transformation, Key Core Technologies, Technological Innovation

摘要： 本文采用2011—2021年制造业上市公司数据,以数据交易平台的设立作为准自然实验,利用多期双重差分模型研究数据要素市场化对企业关键核心技术创新的影响效应和作用机制。研究结果显示:数据要素市场化显著促进企业关键核心技术创新,该结论经一系列稳健性检验后依然成立;数据要素市场化通过推动企业数字化转型、缓解融资约束和提升创新风险承担能力三条路径增强企业关键核心技术创新;企业吸收能力和政府知识产权保护在一定程度上强化数据要素市场化对企业关键核心技术创新能力的促进效应,该效应在国有企业、行业竞争度较高的环境及发达城市中更为显著。上述结论为持续深化数据要素市场化改革、发挥数据要素对企业关键核心技术创新的赋能作用提供了理论解释和经验支撑。

关键词: 数据要素市场化, 数字化转型, 关键核心技术, 技术创新