摘要
数据资产已成为企业和国家的重要战略资源和核心生产力.本文运用2011-2020年中国A股上市公司数据,通过量化企业数据资产,考察了数据资产对创新投入的影响及其机制.研究发现,数据资产能够显著提升企业的创新投入.在使用工具变量、双重差分等一系列稳健性检验后,研究结论仍然成立.异质性分析表明,数据资产对企业创新投入的提升作用在中小民营企业、融资依赖度较高的企业、技术密集型企业,以及金融科技水平低和创新不足的地区的企业更显著.此外,数据资产不仅可以通过缓解企业融资约束提高企业创新意愿,而且能够加强企业间研发合作拓展企业创新资源,进而有利于提升企业创新投入.本文为厘清数据价值对企业创新的作用与路径提供线索,也为我国数据资产的发展提供政策依据.
Abstract
In the era of the digital economy,data resources have become a key factor of production.As a new type of core productivity,the assetization process of data has become an inevitable trend,but how to exert the value of data assets has become an urgent problem for enterprises to solve,and it is also a key issue in academic research.Existing literature mainly discusses the value of data assetization from a theoretical perspective,but lacks research on the impact of data assets on enterprise innovation behavior,especially the impact path of data assets on enterprise innovation investment?In this regard,this paper uses data from Chinese A-share listed companies from 2011 to 2020 to quantify enterprise data assets and examine the impact and mechanism of data assets on innovation investment.The conclusions are as follows:First,data assets can significantly increase enterprise innovation investment,and this improvement effect will be reflected in the process of data assetization,but the impact of data assets on enterprise innovation investment will show the dynamic decay characteristics of time series.Second,the role of data assets in improving innovation investment is more significant in small and medium-sized private enterprises,enterprises with high financing dependence,technology-intensive enterprises,and enterprises in areas with a low financial technology level and insufficient innovation.Third,data assets not only improve enterprises'willingness to innovate by alleviating corporate financing constraints,but also expand enterprise innovation resources by strengthening R&D cooperation between enterprises,which are conducive to enhancing enterprise innovation investment.Based on the above conclusions,the following policy recommendations are put forward:First,enterprises should strengthen the top-level design of data assets.Second,while paying attention to the process of data assets,enterprises should fully tap the potential value of data assets.Third,enterprises should pay attention to the integration and development of data assets and traditional production factors.The possible contributions of this paper are that:First,it examines the impact of data assets on enterprise innovation investment from a micro perspective,enriching the research in the micro field of data assets.Second,it quantifies data assets by discussing the process of enterprise data assetization,supplementing the quantitative research of data assets.Third,it reveals the impact path of data assets on enterprise innovation investment from the perspective of innovation willingness and innovation resources,supplementing the theoretical and empirical research of data assets.
NETL
NSTL
维普
万方数据