How Data Trading Platforms Enhance Corporate Innovation: Evidence from Knowledge Economies

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Abstract
In the context of the burgeoning digital economy, data factors as emerging core production factors exert an increasingly prominent impact on corporate innovation. Based on panel data from 4,011 listed companies spanning 2007-2023, this study employs the establishment of data trading platforms as a quasi-natural experiment and utilizes a difference-in-differences (DID) model to empirically examine the impact mechanism of data factor marketization on corporate innovation quality. The results indicate that data factor marketization increase company innovation quality. Mechanism analysis reveals that data factor marketization primarily promotes corporate innovation quality through two pathways: reducing agency costs and enhancing media attention. The establishment of data trading platforms significantly reduces firms’ administrative expense ratios while simultaneously increasing media attention, thereby driving improvements in innovation quality. Heterogeneity analysis shows that the promotion impact of data factor marketization on enterprise innovation quality shows regional differences, differences in the nature of property rights and differences in the quality of information disclosure. The research of this paper provides micro-level evidence for the innovation-driven effect of data factor marketization and provides policy implications for deepening the reform of factor marketization.

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