Research on the Impact of Data Elements on Digital Technology Innovation of Enterprises in the Era of Digital Economy

在数字经济时代下，数据要素已经成为赋能经济发展的重要生产要素。本文利用沪深A股上市公司数据，使用文本分析法度量上市公司数据要素的使用水平，运用面板双向固定效应模型进行实证，分析了数据要素对企业数字技术创新的影响。研究发现，数据要素显著提升了企业数字技术创新水平，这一结论在经过更换被解释变量、倾向得分匹配法、控制行业固定效应等一系列稳健性检验后仍然成立。异质性分析发现，数据要素对企业新质生产力的提升在数字经济行业和非国有企业中更为显著。因而应该从促进数据基础设施建设、提升员工的数据分析技能、激发国有企业的活力和市场竞争力等方面入手，促进企业数字创新水平。In the era of digital economy, data elements have become an important production factor that empowers economic development. This paper uses the data of listed companies on the Shanghai and Shenzhen A-share stock exchanges and employs the text analysis method to measure the utilization level of data elements by listed companies. This paper uses the panel bidirectional fixed effects model for empirical analysis to investigate the impact of data elements on digital technology innovation of enterprises. The research finds that data elements significantly enhance the level of digital technology innovation of enterprises. This conclusion still holds after undergoing a series of robustness tests such as changing the dependent variable, propensity score matching method and controlling for industry fixed effects. Heterogeneity analysis reveals that the improvement of data elements on digital technology innovation of enterprises is more significant in the digital economy industries and non-state-owned enterprises. Therefore, efforts should be made to promote the construction of data infrastructure, enhance employees’ data analysis skills, stimulate the vitality and market competitiveness of state-owned enterprises, and thereby promote the level of digital technology innovation of enterprises.