Data Elements Agglomeration and Real Economic Structure Optimization:From the Perspective of"Returning to the Real"
Gather data elements as the core of the real economy development is the key to promote the real economy struc-ture optimization.Based on the establishment of national big data comprehensive pilot zone,this paper discusses the im-pact of data factor agglomeration on the degree of enterprise financialization and its internal mechanism.The results show that data factor agglomeration significantly reduces the financialization degree of real enterprises,that is,it promotes the structural optimization of real economy.Mechanism identification finds that data factor agglomeration can weaken the moti-vation of precautionary reserve and enhance the profitability of entities,thus inhibiting the excessive financialization of enterprises.The heterogeneity test finds that the inhibitory effect of data factor agglomeration on corporate financialization is more obvious in the samples with private enterprises,low financial mismatch,high solvency,high regional fintech lev-el and better legal environment.Further,data element agglomeration can improve enterprise's total factor productivity.
data element agglomerationenterprise financializationprecautionary reserve motivephysical profitability
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