摘要
数据作为数字中国建设的基础性战略资源,其高效流通交易可以为破除资本要素市场分割、发挥超大规模市场效能提供全新的解题思路。本文聚焦地区数据交易平台上线这一政策冲击,利用手工收集整理的2009—2023年上市公司异地投资数据,考察数据要素市场化对资本跨区域流动的影响。研究发现,数据要素市场化显著促进了资本跨区域流动,体现为吸引异地集团公司到试点城市设立子公司。机制分析表明,数据要素市场化能够提升市场主体在生产、分配、流通、消费环节的资源配置效率,增强异地企业投资的经济动机。异质性分析发现,在社会信任度较高、市场化指数较高、信息割裂程度较低的地区与非省际样本中,数据要素市场化对资本跨区域流动的激励效应更为显著;数据要素市场化对资本流动的辐射范围可达3000—3500公里,几乎覆盖了胡焕庸线以东的核心经济带。本文还发现,数据要素市场化能够实现对产能过度行业“内卷式”竞争的靶向清除,减少非理性投资的羊群行为。本文结论为构建协同联动的一体化数据与资本市场提供政策参考,对于异地投资场景驱动下深化数据要素市场化配置改革具有一定的启示意义。
As a fundamental strategic resource in the construction of Digital China,data can provide innovative solutions to break down the fragmentation of the capital factor market and enhance the efficiency of super-large-scale markets through its efficient circulation and trading.This paper focuses on the policy impact of regional data trading platforms,utilizing manually collected investment data of listed companies from 2009 to 2023 to examine the effect of data marketization on cross-regional capital flow.The study finds that data marketization significantly promotes the cross-regional flow of capital,manifested in the attraction of group companies to establish subsidiaries in pilot cities.Mechanism analysis shows that the marketization of data enhances resource allocation efficiency in the production,distribution,circulation,and consumption stages,thereby strengthening the economic incentives for cross—regional corporate investment.Heterogeneity analysis reveals that in regions with higher social trust,a higher marketization index,and lower information fragmentation,as well as in non-interprovincial samples,the incentive effect of data marketization on cross-regional capital flow is more pronounced.The influence of data marketization on capital flow extends up to 3000-3500 kilometers,nearly covering the core economic belt east of the Hu Huanyong Line.Further analysis indicates that the marketization of data can target and eliminate involutionary competition in overcapacity industries,promoting the organic integration and efficient operation of the production,supply,and sales stages.The conclusions of this study provide policy insights for building an integrated,coordinated data and capital market,and offer important implications for deepening the market-oriented allocation of data elements driven by cross-regional investment scenarios.
作者
霍春辉
卞圣凯
吕梦晓
Huo Chunhui;Bian Shengkai;Lv Mengxiao
出处
《财经科学》
北大核心
2025年第10期116-131,共16页
Finance & Economics
基金
国家社科基金重大项目“数字化变革推动中小企业高质量发展研究”(22&ZD148)
“辽宁大学学术型研究生科研创新计划项目”(24GIP002)的资助。
关键词
数据要素市场化
资本跨区域流动
企业异地投资
投资壁垒
“内卷式”竞争
Data Factor Marketization
Cross-Region Capital Flow
Corporate Trans-regional Investment
Investment Barriers
"Involutional"Competition
