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Does data factor marketisation effect labour income share? Evidence from Chinese A-share listed companies

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  • Zhang, Xiaoru
  • Jiang, Wei
  • Wu, Chuanqing

Abstract

In the digital era, data factor marketisation, supported by data ownership rights, data trading and data circulation, is expected to stimulate a new wave of labour transformation. Based on data from Chinese listed companies from 2011 to 2022, this study uses data trading platforms as a quasi-natural experiment and employs a staggered difference-in-differences model to explore the impact of data factor marketisation on firms’ labour income share. Our findings indicate that data factor marketisation increases firms’ labour income share by 6.4%, with human capital upgrading, resource allocation efficiency optimisation and financing constraint alleviation playing key mediating roles in this process. We also demonstrate that this effect is more pronounced for labour-intensive firms, state-owned enterprises and those located in regions with a high depth of data factor marketisation. Extended analysis reveals that the impact of data factor marketisation on firms’ labour income share is primarily reflected in wage growth, contributes to improving internal income distribution within firms and facilitates the substitution of conventional jobs with employment in non-traditional tasks. Our findings provide valuable insights for accelerating data factor marketisation and enhancing the labour income share.

Suggested Citation

  • Zhang, Xiaoru & Jiang, Wei & Wu, Chuanqing, 2026. "Does data factor marketisation effect labour income share? Evidence from Chinese A-share listed companies," Journal of Business Research, Elsevier, vol. 206(C).
    • Handle: RePEc:eee:jbrese:v:206:y:2026:i:c:s0148296326000019
    DOI: 10.1016/j.jbusres.2026.115967
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