Research on Data Elements Empowering the Economic Development of Enterprises—An Empirical Analysis Based on Panel Data of China’s Shanghai and Shenzhen Stock Markets

随着数字经济的快速发展，数据要素已成为驱动企业经济高质量发展的核心动力。本文基于中国沪深两市上市公司的面板数据，结合理论分析与实证研究，探讨数据要素赋能企业经济发展的机制及实际效果，赋能路径为企业数字化转型。研究发现：数字化转型在短期内显著抑制企业经济表现，长期则有望通过生产效率提升与创新能力增强实现绩效转正，稳健性检验进一步验证了结论的可靠性。基于此，本文提出三阶段政策框架：短期通过财税补贴与风险补偿降低转型成本；中期构建行业协同平台与规模引导机制；长期完善人才培养、技术研发与动态评估体系，为政府制定精准化转型政策提供理论依据与实践指导。本研究为数字经济时代企业数字化转型和政府制定政策提供了理论依据和实践参考。With the rapid development of the digital economy, data elements have become the core driving force for the high-quality economic development of enterprises. This explores the mechanism and practical effect of data elements empowering the economic development of enterprises based on the panel data of listed companies in China’s Shanghai and Shenzhen Stock Exchange, with theoretical analysis and empirical research, and the path of empowerment is the digital transformation of enterprises. The study finds that digital transformation significantly inhibits the economic performance of enterprises in the short term and in the long term. It is expected to turn performance positive through the improvement of production efficiency and the enhancement of innovation capability, and the robustness test further verifies the reliability of the conclusion. Based on this, this paper proposes a three-stage policy framework: in the short term, the cost of transformation is reduced through financial and tax subsidies and risk compensation; in the medium term, the industry synergy platform and the scale guidance mechanism are constructed; in the long term, the talent cultivation, technology research and development, and dynamic evaluation system and the theoretical basis and practical guidance for the government to formulate precise transformation policies are provided. This research provides the theoretical basis and practical reference for the digital transformation of enterprises and policy formulation in the era of the digital economy.