Digital economy policies and corporate technology spillovers: A data-driven perspective

Efficient data aggregation and allocation are crucial for driving scientific and technological innovation, resource allocation efficiency, and technology spillovers. In 2016, China established Big Data Comprehensive Pilot Zones (BDCPZs) to promote the open sharing and application of public data to accelerate integration and innovation within the digital economy. This study examines the causal effect of BDCPZs on firms' ability to absorb technological spillovers using a difference-in-differences (DID) framework with panel data from China's publicly listed firms from 2009 to 2019. The empirical results show that the establishment of BDCPZs significantly strengthens firms' ability to benefit from technology spillovers. Mechanism analyses show that the effect primarily operates by promoting digital transformation and easing financing constraints. Further, heterogeneity analyses show that the positive effects are more evident in state-owned enterprises, large firms, and capital-intensive firms; meanwhile, the effect on labor- and technology-intensive firms is limited. The findings provide novel evidence on the efficacy of digital economy policies in accelerating the diffusion of innovation and present practical policy insights. They emphasize the need for ongoing investment in data infrastructure and institutional reforms to promote data openness, as well as the importance of targeted support to foster inclusive technological progress.