How Data Assets Empower Corporate Green Innovation

Based on panel data from Chinese A-share listed companies from 2010 to 2024, this study systematically examines the impact of data assets on firms’ exploitative and exploratory green innovation, along with its contextual mechanisms. A fixed-effects model is employed in the empirical analysis. The results show that data assets significantly promote both types of green innovation. This confirms their empowering role as a key innovation resource. Further mechanism tests reveal that environmental regulations exert a negative moderating effect on the relationship between data assets and green innovation. This effect is particularly pronounced in inhibiting exploratory green innovation. Such findings suggest that stringent regulations may lead to resource crowding out, prompting firms to allocate more data resources toward short-term, low-risk exploitative innovation activities. In contrast, firm size plays a positive moderating role. The financial flexibility, data governance capabilities, and technology absorption capacity associated with larger firm sizes help enhance the efficiency of converting data assets into green innovation. An analysis of property rights heterogeneity further reveals that data assets have a stronger promotional effect on green innovation in state-owned enterprises. This highlights their institutional advantages in responding to national strategies, integrating policy resources, and addressing innovation uncertainties. This study provides theoretical and policy references for understanding the differentiated pathways and institutional contexts through which data assets contribute to green innovation.