Application of Data Factor and Enterprise Innovation Effect:Empirical Evidence from Chinese A-share Listed Companies
As the core production factor in the era of the digital economy,data factor becomes a new engine promoting enter-prise innovations.Based on the multiple heterogeneous attributes of data factor,this paper defines the core connotation of the applica-tion of data factor at enterprise level and select keywords from four dimensions:data resource,data application process,digital tech-nology,and digital system.By textual analysis of annual reports from listed enterprises,an index is constructed to measure the degree of application of data factor,and the impact of the application of data factor on the quantity and quality of enterprise innovation is em-pirically tested by taking Chinese A-share listed enterprises from 2007 to 2021 as samples.The results show that the application of data factor significantly improves enterprise innovation quantity and quality and this conclusion still holds after endogeneity test and robustness test.Mechanism analysis indicates that the application of data factor promotes enterprise innovation by resource allocation optimization effects and market preference matching effects.Further study shows that optimizing the digital infrastructure environment will strengthen the positive effect of data factor on the quantitative change of enterprise innovation,and institutional environment im-provement and technological upgrading can lead to the driving effect of data factor on the quantity and quality of innovation.
data factorenterprise innovationresource allocation efficiencymarket preference
万方数据
