Marketization of data elements drives the cultivation of competitive advantages in export products—Based on an export technology complexity perspective

The policy of marketizing data factors, recognized as a pivotal institutional innovation in the digital intelligence era, serves as a crucial catalyst for the high-quality development of enterprises. The intricate nature of export technology, which reflects the high-quality development of these enterprises, interacts synergistically with data marketization, thereby establishing a virtuous cycle. Utilizing data from China's A-share listed companies spanning the years 2012-2022, this study employs a quasi-natural experiment framework, predicated on the establishment of a data trading center, to develop a difference-in-differences model aimed at assessing the impact of data element marketization on the technological complexity of enterprise exports. The findings indicate that the marketization of data factors significantly enhances the technological complexity of firms' exports, a conclusion that remains robust across various tests. Mechanistic analyses reveal that marketization of data factors contributes to a reduction in transaction costs, bolsters innovation incentives, mitigates innovation risks, and improves total factor productivity, thereby facilitating an increase in export technological complexity. Furthermore, heterogeneity tests demonstrate notable disparities in the effects of data factor marketization on the enhancement of export technological complexity; specifically, enterprises exhibiting high agile response capabilities, advanced levels of smart technology, deeper applications of smart technology, and those operating within high-monopoly industries experience more pronounced benefits. This research offers new empirical insights into the role of data factors in promoting the high-quality development of trade and serves as a valuable reference for governmental policy formulation.