Data Factor Agglomeration and Enterprise Resilience: Quasi-Experimental Evidence from China's National Big Data Comprehensive Pilot Zones

Using the establishment of China's National Big Data Comprehensive Pilot Zones as a quasi-natural experiment, this study examines the effect of data factor agglomeration on enterprise resilience with a panel of A-share listed enterprises from 2012 to 2024. The results indicate that data factor agglomeration significantly improves enterprise resilience. The mechanism tests, interpreted alongside the theoretical analysis, provide evidence consistent with three channels: increased government subsidies, digital transformation, and stronger innovation capability. Executives' innovation awareness positively moderates the relationship between data factor agglomeration and enterprise resilience. Positive and statistically significant effects are observed among non-state-owned enterprises, enterprises in high-technology industries, and enterprises in eastern China; the corresponding estimates for state-owned enterprises, enterprises in non-high-technology industries, and enterprises in central and western China are not statistically significant. These findings suggest that policies should improve the conditions for data factor agglomeration, support enterprises' digital transformation, and account for differences in enterprises' characteristics when seeking to strengthen resilience.