当代经济科学2025，Vol.47Issue(4)：51-64,14.DOI:10.20069/j.cnki.DJKX.202504004
数据要素市场化何以释放资源红利
How does Marketization of Data Elements Unleash Resource Dividends?An Examination from the Perspective of Trade Credit Financing
摘要
Abstract
In the current era of flourishing digital economy,the marketization of data elements has become a core driver for promoting high-quality economic development.Traditional capital allocation focuses on tangible assets,with inherent limitations,while data element marketization has disrupted this model,reshaping capital allocation structures and profoundly impacting corporate financing and development pathways. This study uses Chinese A-share listed companies from 2007 to 2023 as samples,covering multiple industries with broad representativeness.Using the establishment of data trading platforms as a quasi-natural experiment,this paper thoroughly examines the impact and mechanisms of data element marketization on corporate trade credit financing.In the research process,multiple rounds of data cleaning were conducted to ensure data quality.A difference-in-differences(DID)model was employed for regression analysis,and robustness tests were performed through methods such as variable substitution and placebo tests.The results indicate that data element marketization significantly increases corporate trade credit financing,with the conclusion remaining robust across various tests. Further analysis reveals that information empowerment and innovation-driven development constitute the core mechanisms.Information empowerment enables enterprises to acquire and utilize information more efficiently,thereby enhancing their transparency and credibility in the trade credit financing market.Innovation-driven development encourages enterprises to explore new business models,products,and services,which in turn strengthens their market competitiveness and attractiveness for credit financing.Additionally,the quality of external information environment,level of economic development,and enterprise life cycle stage all significantly influence the relationship between data element marketization and trade credit financing.As data element marketization accelerates,enterprises show notable improvement in their core business performance. This research makes significant contributions to the existing literature.First,unlike previous studies focusing on the impact of data element marketization on innovation capacity,green development,and industrial agglomeration,this paper approaches through trade credit financing.It explores resource dividends released at the enterprise level,revealing the critical role of data in the modern economic system.Second,it provides in-depth analysis of internal mechanisms through which data element marketization affects corporate trade credit financing.The study elaborates how data elements expand financing channels and optimize resource allocation.By examining the relationship between data element marketization and trade credit financing from three dimensions—external information environment,economic development level,and enterprise life cycle—it comprehensively analyzes the specific conditions under which these mechanisms operate,providing rich empirical scenarios and robust evidence for future research.Third,the findings offer actionable strategies for addressing corporate financing difficulties,promoting integration of digital technology with the real economy,and optimizing economic structure.These insights hold significant practical value and far-reaching implications for guiding corporate financing practices,improving the financing ecosystem,and fostering high-quality economic development.From the perspective of trade credit financing,this study extends the application scenarios where data elements empower enterprise growth and capital acquisition,contributing to deeper understanding of the role of data in modern business strategy and economic policy. In conclusion,this study aims to reveal the critical role of data in the modern economic system by examining its impact on trade credit financing.Through rigorous empirical analysis and theoretical exploration,we have identified the key mechanisms and conditions through which data element marketization enhances corporate financing opportunities.This study underscores the importance of effectively utilizing data resources to promote sustainable growth and resilience in the digital economy.关键词
商业信用融资/数据要素市场化/信息披露质量/金融科技/数字技术创新/企业主业绩效Key words
trade credit financing/data element marketization/information disclosure quality/financial technology/digital technology innovation/enterprise core business performance引用本文复制引用
徐怀宁,刘莎莎,田亚男..数据要素市场化何以释放资源红利[J].当代经济科学,2025,47(4):51-64,14.基金项目
国家自然科学基金面上项目"基于文本分析与机器学习的分析师行为决策研究"(71972088) （71972088）
暨南大学博士研究生拔尖创新人才培养项目"供应链数字化对'专精特新'中小企业高质量发展的影响研究"(2023CXB030). （2023CXB030）
