Data element, big data and enterprise innovation: Evidence from data trading platforms and national big data comprehensive pilot zones

This study examines data element and big data market development as drivers of enterprise innovation capacity. Data element and big data market development have jointly become crucial engines driving enterprise innovation capacity, introducing new vitality into entrepreneurial activities. Using a sample of listed companies from 2009 to 2022, we employ a quasi-natural experiment based on the dual policies of data trading platforms and National Big Data Comprehensive Pilot Zones, employing a difference-in-differences model. Findings reveal that these policies significantly enhance enterprises’ innovation capacity. Moderating effect tests indicate that the promotional effects of these initiatives are more pronounced in regions with optimized industrial structures, favorable financial environments, and abundant human capital accumulation. Heterogeneity tests demonstrate significant variations in the policies’ impact on enterprise innovation capacity across firm ownership, size, and technological endowments and regional market competition. Comparing the dual policies reveals that joint implementation outperforms single policy interventions, indicating that the combined policies have a synergistic effect on enhancing enterprise innovation capacity. The conclusions deepen the understanding of the synergistic effects of dual policies on enterprise innovation capacity and provide valuable policy support for local governments. Specifically, our results offer insights for stimulating enterprise innovation vitality and fostering new economic growth drivers through data element and big data market development.