The Impact of Market-Oriented Allocation of Data Elements on Enterprises’ New Quality Productive Forces

Yacheng Zhou, Guang Li, Tong Sun and Weidong Huo ()
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Yacheng Zhou: Business School, Zhejiang Wanli University, Ningbo 315100, China
Guang Li: Business School, Zhejiang Wanli University, Ningbo 315100, China
Tong Sun: Business School, Zhejiang Wanli University, Ningbo 315100, China
Weidong Huo: Division of Economics, Liaoning University, Shenyang 110036, China

Sustainability, 2025, vol. 17, issue 18, 1-28

Abstract: This paper takes the quasi-natural experiment from the National Big Data Comprehensive Pilot Zone (NBDCPZ) in China as an example to examine the impact of market-oriented allocation of data elements on enhancing enterprises’ New Quality Productive Forces (NQPF). Based on panel data from China’s A-share listed enterprises on the Shanghai and Shenzhen stock exchanges between 2011 and 2022, this study employs a robust policy evaluation method, the multi-way fixed effects staggered difference-in-differences (MWFE Staggered DID) method, to analyze the impact of the NBDCPZ on NQPF comprehensively. The key findings are threefold: First, the NBDCPZ significantly boosts enterprises’ NQPF within their jurisdictions. Second, the NBDCPZ enhances NQPF by accelerating enterprise digital transformation, and the digital talent can amplify the promotional effect of the NBDCPZ on enterprise digital transformation. Third, the NQPF-enhancing effects are more pronounced for privately owned enterprises (POEs), foreign-invested enterprises (FIEs), and smaller enterprises, whereas they exhibit an inhibitory impact on state-owned enterprises (SOEs) and large enterprises. Fourth, the promotional effect of the NBDCPZ on enterprises’ NQPF varies across different industries. Furthermore, regional (city-level) digital infrastructure and financial development levels amplify the NQPF-enhancing effects of the NBDCPZ.

Keywords: National Big Data Comprehensive Pilot Zones; listed companies; New Quality Productive Forces; impact mechanisms; staggered difference-in-differences (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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