Research on the Promotion Effect of the Marketization of Data Elements on the Digital Transformation of Manufacturing Enterprises: An Empirical Evaluation of a Multiperiod DID Model

The marketization of data elements is a critical step in harnessing the potential of data as a “new” economic element. This process is essential for driving the digital transformation of manufacturing enterprises and achieving sustainable development. Using data from listed manufacturing enterprises (2013–2022), this study applied the difference-in-differences method to analyze how the marketization of data elements accelerates digital transformation. The results indicated that data trading platforms play a significant role by lowering enterprise costs, easing financing constraints, fostering digital technology innovation, and promoting the growth of the digital service industry. The impact varies across regions, ownership structures, and executive backgrounds. This research offers fresh insights into facilitating the digital transformation of manufacturing enterprises and provides practical guidance for policymakers to advance the market-oriented reform of data elements and enhance enterprises’ digital capabilities.