当代经济科学2026，Vol.48Issue(2)：72-87,16.DOI:10.20069/j.cnki.DJKX.2026024
从数据到价值:企业高质量发展的数字化路径
From Data to Value:The Digital Path for High-Quality Development of Enterprises
摘要
Abstract
In the era of the digital economy,data assets have become an important production factor for enterprise development.Data assets mainly include enterprises'R&D data,production data,and financing data,which are closely related under the"technology-industry-finance"cycle.Firstly,R&D data is generated through technological innovation,such as R&D investment and patent data,which support technological innovation and enhance enterprises'R&D capabilities.Secondly,production data involves enterprises'production and operations,including production data and logistics data,and these data optimize production management and improve production efficiency.Finally,financing data covers enterprises'financial and human resource data,playing an important role in the financing process and enhancing enterprises'financing capabilities. Based on data from listed companies on the Shanghai and Shenzhen A-share markets,this paper evaluates the value of data assets using the residual method of enterprise market value.The results show that data assets significantly improve enterprises'total factor productivity.Data assets promote technological innovation and enhance enterprises'innovation capabilities by increasing R&D investment and patent applications.Meanwhile,they optimize enterprise management and enhance management capabilities by improving inventory turnover and accounts receivable turnover.In addition,data assets improve enterprises'credit ratings and financing capabilities,thereby alleviating financing constraints and enhancing financing capacity. Heterogeneity analysis reveals that the circulation environment of data factors and government subsidies have differential impacts on the efficiency of data assets.Specifically,the establishment of data trading platforms significantly improves the liquidity and utilization efficiency of data assets,thereby further promoting the improvement of enterprises'total factor productivity.High-tech enterprises have significant advantages in technological innovation,R&D investment,and data utilization;therefore,data assets can be more effectively converted into economic returns in these enterprises. The benign cycle development model of"technology-industry-finance"emphasizes that data,as a key factor,runs through all links of technological innovation,industrial development,and financial support.By promoting the effective circulation of enterprise data resources,the coordinated development of technology,industry,and finance can be realized,driving high-quality economic development.In the process of enterprise operation and digitalization,there is not only internal digital asset management but also data circulation between enterprises.At the macro level,the flow of these data forms the interaction of scientific and technological data,industrial data,and financial data,constituting the flow of"technology-industry-finance"data factors. Data assets are an important economic driving force for modern enterprises.They significantly promote the high-quality development of enterprises by enhancing their innovation capabilities,management capabilities,and financing capabilities.Enterprises should attach importance to the accumulation and management of data assets and build a data-driven operation model to achieve efficient operations and sustainable development.With the continuous development of big data,artificial intelligence,blockchain,and other technologies,data resources will play an increasingly prominent role in enterprise development.Enterprises should actively grasp this trend to promote their continuous innovation and high-quality development.关键词
数据资产/全要素生产率/数字化转型/创新能力/管理能力/融资能力/"科技—产业—金融"循环Key words
data assets/total factor productivity/digital transformation/innovation capability/management capability/financing capability/"technology-industry-finance"cycle引用本文复制引用
张恩典,李湛..从数据到价值:企业高质量发展的数字化路径[J].当代经济科学,2026,48(2):72-87,16.基金项目
国家社会科学基金项目(21FJLB014) （21FJLB014）
上海市软科学基金研究重点项目(24692100800). （24692100800）
