Research on the Impact of Data Elements on the Innovation Capability of New Energy Vehicle Enterprises—Evidence from Chinese Listed Companies

Based on panel data from 173 Chinese listed companies in the new energy vehicle industry from 2016 to 2023, this study constructs a two-way fixed effects model to examine the impact of data elements on corporate innovation capability. Systematically address issues and validate results through multiple measurement approaches, including robustness checks, instrumental variables methods, moderation effect analysis, and heterogeneity tests. The results indicate: (1) Data elements significantly enhance the innovation capability of new energy vehicle enterprises, and a conclusion that remains robust after a series of endogeneity and robustness checks. (2) Moderating effect tests reveal that human resources strengthen the relationship between data elements and corporate innovation capability. (3) Heterogeneity analysis shows that, in terms of capital sources, data elements have a more substantial promoting effect on the innovation capability of domestic enterprises compared to foreign-funded ones; regionally, the innovation-driven effect of data elements is more pronounced in eastern and central China than in the western region. This study not only offers practical guidance for new energy vehicle enterprises to allocate data elements and human resources effectively, but also provides an empirical basis for policymakers to formulate market-oriented data policies, thereby offering a new perspective for enhancing the innovation capabilities of new energy vehicle enterprises.