Market-based Allocation of Data Factors and Total Factor Productivity:Evidence from the Establishment of Data Trading Platforms
Based on the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2022,this study confirms the significant enhancement role of market-based allocation of data factors on firms ' total factor productivity by using a quasi-natural experiment in which each city ( prefecture-level city/mu-nicipality directly under the central government) sets up a data trading platform. We find that the market-based allocation of data factors plays a value-creating role by optimizing resource allocation,reducing costs and expenses,and strengthening market competition. This role is more obvious when the internal endowment of enterprises is worse and the external environment is better. The test results based on the total factor pro-ductivity at the regional level show that the market-based allocation of data factors has a positive spatial spillover effect while improving urban total factor productivity. This study reveals the value-creating role of the market-based allocation of data factors from the perspective of total factor productivity,provides a feasi-ble path for accelerating the formation of new quality productive forces,and provides empirical evidence for the government's policy formulation of building a nationally unified data factor market.
Market-based Allocation of Data FactorsTotal Factor ProductivityNew Quality Productive ForcesData Trading Platform
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