A Study on the Influence of Corporate Data Assets on Total Factor Productivity
YAO Huina1, ZHANG Jinchang2,3
1. College of Business Administration, Capital University of Economics and Business, Beijing 100070, China; 2. Institute of Industrial Economics, Chinese Academy of Social Sciences, Beijing 100006, China; 3. Business School, University of Chinese Academy of Social Sciences, Beijing 102488, China
Abstract Using data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022, this paper studies the effect and mechanism of enterprise data assets on total factor productivity. The results show that enterprise data assets can significantly improve total factor productivity, which is still holds after a series of robustness checks and endogenous tests. The mechanism analysis indicates that enterprise data assets affect the total factor productivity of enterprises through two primary mechanisms. Heterogeneous analysis indicates that the impact of data assets on the total factor productivity of enterprises varies across enterprises, industries, and regions. The enhancing effect of corporate data assets on the total factor productivity is more pronounced in large-scale enterprises and those with lower financing constraints, as well as in industries with low competition and high levels of intelligence. Moreover, a higher degree of marketization and the level of digital infrastructure construction in a region are conducive to leveraging the productivity-enhancing effects of data assets. The research conclusions not only enrich the relevant literature on enterprise data assets and total factor productivity, verify the important role of data assets in improving total factor productivity, but also provide useful reference for the practical development of data assets.
2024, Vol. 41 
