【摘要】 数据作为一种关键生产要素,其市场化进程通过改变信息的获取、传播和处理方式,对企业投资效率产生重要影响。本文基于2001—2023年A股上市公司数据,探析数据要素市场化对企业非效率投资的影响。研究发现,数据要素市场化抑制了企业非效率投资,提高了投资效率。其机制在于:第一,促进数据资产管理与积累,推动专用资产流通,减少“资源沉淀”,优化资源配置。第二,发挥数据资产的正外部性,推动企业管理决策模式优化。异质性分析显示,过度集权的管理体制不利于发挥数据要素市场化的效应。进一步研究表明,数据要素市场化有助于打破数据垄断,降低行业进入门槛,促进市场竞争;数据要素市场化提高了企业对高素质员工的需求,并有助于缓解服务业与制造业员工薪资差距。本文的研究结论有助于理解数据要素市场化政策的微观作用机制,为进一步完善数据要素市场建设提供了重要启示。更多还原

【Abstract】 As a key production factor,the marketization process of data exerts a significant impact on corporate investment efficiency by changing the ways information is obtained,disseminated,and processed.Using a panel of Chinese A-share listed firms from 2001to 2023,this study finds that data factor marketization reduces inefficient investment and thereby enhances investment efficiency.The underlying mechanisms operate through two main channels.First,marketization promotes the management and accumulation of data assets,facilitates the circulation of specialized assets,reduces resource lock-in,and improves resource allocation.Second,it generates positive externalities from data assets that help optimize firms ’ managerial decision-making.Heterogeneity analyses further show that overly centralized management structures weaken the efficiency-enhancing effect of data factor marketization.Additional evidence suggests that data factor marketization helps break data monopolies,lowers entry barriers,and intensifies market competition.Evidence from the labor market indicates that it also raises firms’ demand for highly skilled workers and helps narrow the wage gap between service-sector and manufacturing-sector employees.These findings shed light on the micro-level mechanisms through which data factor marketization affects firm behavior and offer important implications for the further development of data factor markets.更多还原