Data element marketization and corporate key core technology innovation: Evidence from data trading platforms

The successful breakthrough of key core technologies in strategic emerging industries is crucial for China to achieve high-quality development. However, research on key core technology innovation in strategic emerging enterprises (SEEs) remains limited. Therefore, this study utilizes panel data from 2009-2023 for A-share listed companies in China's strategic emerging industries and employs a multi-period difference-in-differences method to examine the impact of data element marketization (DEM) on key core technology innovation in SEEs. The results show that DEM significantly enhances the key core technology innovation capabilities of SEEs. Mechanism analysis indicates that DEM improves these capabilities by elevating data asset information disclosure quality, strengthening industry-university-research cooperation, and boosting innovation activity. Heterogeneity analysis reveals that DEM's promotional effect is more pronounced in regions with well-developed new digital infrastructure and in enterprises with superstar inventors. Further analysis demonstrates that government data governance reinforces the positive effects of DEM, with the strengthening effect being more significant when government data governance precedes DEM construction. This study contributes to an accurate assessment of the innovation-enabling effect of DEM and provides empirical evidence for SEEs to achieve breakthroughs in key core technologies, thereby accelerating high-level scientific and technological self-reliance and self-strengthening.