Raw Data Manipulation Code (.do).

The policy of marketizing data factors, recognized as a pivotal institutional innovation in the digital intelligence era, serves as a crucial catalyst for the high-quality development of enterprises. The intricate nature of export technology, which reflects the high-quality development of these enterprises, interacts synergistically with data marketization, thereby establishing a virtuous cycle. Utilizing data from China’s A-share listed companies spanning the years 2012–2022, this study employs a quasi-natural experiment framework, predicated on the establishment of a data trading center, to develop a difference-in-differences model aimed at assessing the impact of data element marketization on the technological complexity of enterprise exports. The findings indicate that the marketization of data factors significantly enhances the technological complexity of firms’ exports, a conclusion that remains robust across various tests. Mechanistic analyses reveal that marketization of data factors contributes to a reduction in transaction costs, bolsters innovation incentives, mitigates innovation risks, and improves total factor productivity, thereby facilitating an increase in export technological complexity. Furthermore, heterogeneity tests demonstrate notable disparities in the effects of data factor marketization on the enhancement of export technological complexity; specifically, enterprises exhibiting high agile response capabilities, advanced levels of smart technology, deeper applications of smart technology, and those operating within high-monopoly industries experience more pronounced benefits. This research offers new empirical insights into the role of data factors in promoting the high-quality development of trade and serves as a valuable reference for governmental policy formulation.

数据要素市场化政策被视作数字智能时代的关键制度创新，亦是推动企业高质量发展的重要催化剂。体现企业高质量发展水平的出口技术复杂度，其内在特性与数据要素市场化形成协同互动，进而构建起良性循环。本研究采用2012—2022年中国A股上市公司样本数据，以数据交易中心（data trading center）设立为准自然实验场景，构建双重差分模型（difference-in-differences model），用以评估数据要素市场化对企业出口技术复杂度的影响效应。研究结果显示，数据要素市场化显著提升了企业出口技术复杂度，该结论经过多种稳健性检验后依然成立。机制分析表明，数据要素市场化可通过降低交易成本、强化创新激励、缓释创新风险以及提升全要素生产率（total factor productivity），推动企业出口技术复杂度提升。此外，异质性检验结果显示，数据要素市场化对出口技术复杂度的提升效应存在显著差异：具体而言，敏捷响应能力较强、智能技术能级更高、智能技术应用更深入的企业，以及处于高垄断行业的企业，获益更为显著。本研究为数据要素在推动贸易高质量发展中的作用提供了全新的经验证据，同时可为政府政策制定提供有益参考。