摘要
数字经济与实体经济深度融合已成为全球经济发展新趋势,推进企业数实融合提升全要素生产率、增强产业链供应链韧性、塑造市场竞争优势,是实现经济高质量发展的关键抓手。数据要素通过降低数据获取与流通成本、提升要素匹配效率与创新扩散速度,深刻影响企业数实融合进程。在实践中,数据交易平台作为数据要素确权、定价、撮合、合规流通与价值实现的制度性基础设施,是推动数据要素市场化配置的核心载体。基于此,利用2009—2023年我国沪深A股上市公司数据,根据数据交易平台分批设立在时间与区域上的差异所形成的准自然实验场景,构建多期双重差分模型,探究数据要素市场化对企业数实融合的直接效应、间接效应与异质性效应。研究发现:数据要素市场化从供给端、需求端、支撑端、场景端四个维度直接促进企业数实融合。数据要素市场化通过提升数据资产化水平、深化数据共享程度、增强数据安全治理能力,间接促进企业数实融合。在国有企业、技术密集型企业和数字基础优势区域企业中,数据要素市场化对企业数实融合的促进作用更显著。为此,应通过供给端、需求端、支撑端、场景端推进数据要素市场化,系统强化数据资产化、数据共享与数据安全治理,针对不同企业、行业和区域实施数据要素市场化促进企业数实融合的差异化措施。
The deep integration of the digital economy and the real economy(hereafter digital-real integration)has become a new trend in global economic development.Advancing firm-level digital-real integration to raise total factor productivity,enhance the resilience of industrial and supply chains,and shape market competitive advantages is a key lever for achieving high quality economic development.Data factors profoundly influence the process of firm-level digital-real integration by lowering the costs of data acquisition and circulation,improving factor matching efficiency,and accelerating the speed of innovation diffusion.In practice,data trading platforms,as institutional infrastructures for data rights confirmation,pricing,matchmaking,compliant circulation,and value realization,are the core carriers for promoting the market-oriented allocation of data factors.Based on this,using data on Shanghai and Shenzhen A-share listed companies from 2009 to 2023,and taking advantage of the quasi-natural experimental setting formed by the temporal and regional batches of establishment of data trading platforms,the authors construct a multi-period difference-in-differences model to examine the direct effects,indirect effects,and heterogeneous effects of data factor marketization on firm-level digital-real integration.It is found that data factor marketization directly promotes firm-level digital-real integration through four dimensions:the supply side,the demand side,the support side,and the application scenario side.Data factor marketization indirectly promotes firm-level digital-real integration by raising the level of data assetization,deepening the degree of data sharing,and strengthening data security governance capability.The promotive effect of data factor marketization on firm-level digital-real integration is more significant in state-owned enterprises,technology-intensive enterprises,and enterprises located in regions with stronger digital infrastructure endowments.Therefore,data factor marketization should be advanced through the supply side,demand side,support side,and application scenario side;data assetization,data sharing,and data security governance should be systematically strengthened;and differentiated measures should be implemented across enterprises,industries,and regions to promote firm-level digital-real integration via data factor marketization.
作者
解萧语
祝合良
王春娟
XIE Xiao-yu;ZHU He-liang;WANG Chun-juan(School of Finance and Public Economics,Shanxi University of Finance and Economics,Taiyuan 030006,Shanxi China;School of Economics and Management,Beijing University of Technology,Beijing 100124,China;Beijing International Business Center Research Base,Beijing 101126,China)
出处
《中国流通经济》
北大核心
2025年第9期112-126,共15页
China Business and Market
基金
国家社会科学基金青年项目“人口结构变迁趋势下家庭消费增长的动力机制及路径研究”(22CJY066)
北京市属高等学校优秀青年人才培育计划项目“双碳目标下数字经济驱动北京绿色物流高质量发展研究”(BPHR202203247)
山西省哲学社会科学规划课题“新质生产力赋能山西制造业高质量发展机制与路径研究”(2024QN075)。
关键词
数据要素市场
数实融合
数据资产化
数据共享
数据安全治理
data factor market
digital-real integration
data assetization
data sharing
data security governance
