数据资产化对企业绿色融通创新的影响：内在机制与经验证据

The Impact of Data Assetization on Corporate Green Co-innovation: Internal Mechanisms and Empirical Evidence

摘要:

作为数字经济时代的新型生产要素和关键战略资产，数据资产逐渐完成了数据资源资产化的过程，成为助力企业绿色融通创新的关键力量。基于2010—2023年中国A股上市公司数据，全面考察数据资产化对企业绿色融通创新的影响及机制。研究发现：数据资产化能够推动企业绿色融通创新，且在广度和深度两个维度均有促进作用，该结论在经过一系列内生性和稳健性检验后依然成立。机制分析发现，数据资产化通过供应链多元配置效应、创新要素协同效应和碳减排效应三条路径推动企业绿色融通创新。此外，数据资产化对企业绿色融通创新的促进作用在数字化转型程度较高、具有高ESG评级和处于新型数字基础设施完备地区的企业中更加明显。经济后果检验显示，数据资产化可以通过促进企业绿色融通创新提升企业人工智能水平，且具有一定持续性。研究结论有助于提高绿色技术研发与资源配置效率，激发企业与其他经济主体开展绿色融通创新，为经济社会绿色发展提供可持续的创新动能。

Abstract:

As a new factor of production and a critical strategic asset in the era of digital economy, data asset has completed its transformation from a raw resource into a recognized asset. It has now become a key driver enabling corporate green co-innovation. Based on the data of Chinese A-share listed companies from 2010 to 2023, this study comprehensively investigates the impact and mechanisms of data assetization on corporate green co-innovation. The findings are as follows: Data assetization can drive corporate green co-innovation, exerting positive effects in both breadth and depth, and this finding remains valid after a series of endogeneity and robustness tests. Mechanism analysis reveals that data assetization drives green co-innovation through the following three channels: the supply chain diversification effect, the innovation factor synergy effect, and carbon emission reduction effect. Moreover, the facilitating effect of data assetization on green co-innovation is more pronounced in enterprises with a higher degree of digital transformation, those possessing high ESG ratings, and those located in regions with well-established new digital infrastructure. The economic consequences test shows that the data assetization can enhance corporate AI capabilities by promoting corporate green co-innovation, with a certain degree of sustainability. The research findings contribute to enhancing the efficiency of green technology R&D and resource allocation, stimulating enterprises and other economic entities to engage in green co-innovation, and providing sustainable innovation momentum for the green development of the economy and society.