Research on the Influence of Data Factor Participation on Enterprises′Capital Allocation Efficiency
The deep integration of data factor among industries will profoundly change the operation mechanism and logic of factor markets.This paper empirically examines the impact of data factor participation on enterprises'capital allocation effi-ciency and its mechanism.It is found that:data factor participation has a significant'U'-shaped non-linear effect on the capital allocation efficiency of manufacturing enterprises.This indicates that only when data factor participation rises to a moderate stage does its impact on the efficiency of firms'capital allocation turn into a facilitating effect.Further,only from the perspective of production factor attributes,whether it is domestic data factor participation or foreign data factor participa-tion,there is no difference in the impact of both on the efficiency of enterprises'capital allocation.The mechanism test shows that the information effect and the resource effect are the mechanisms that lead to the'U'shaped impact of data factor par-ticipation on the capital allocation efficiency of enterprises.Among them,the information effect affects both the apex and cur-vature of the'U'-shaped relationship,and as the degree of information asymmetry increases,the'U'-shaped relationship becomes stronger and the apex shifts to the right;while the resource effect affects the curvature of the'U'relationship,and the resource effect affects the'U'-shaped relationship,and the resource effect affects the'U'-shaped relationship.The re-source effect affects the curvature of the'U'-shaped relationship,and the'U'-shaped relationship becomes stronger when the degree of corporate financing constraints is stronger.Heterogeneity analysis reveals that the inflection point of the'U'shape of data factor participation on capital allocation efficiency varies significantly with the type of enterprise ownership,en-terprise life cycle,industry factor intensity,and degree of regional marketisation,with private enterprises,start-ups,technology-intensive industries,and highly marketised enterprises having relatively lower thresholds for entering the'moder-ate zone'of data factor participation to improve capital allocation efficiency.
Data Factor ParticipationCapital Allocation EfficiencyInformation EffectResource Effect
万方数据
维普
