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| Impact of Data Factor Marketization on Disruptive Technologies |
| Wang Haisen1,2, Li Gang1,2 |
1.Centre for Studies of Information Resources, Wuhan University, Wuhan 430072
2.School of Information Management, Wuhan University, Wuhan 430072 |
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Abstract Under the backdrop of an era characterized by accelerating global transformation, the technological competition among major powers has become increasingly intense. Disruptive technologies have ascended to become a core component of the national security strategy of China and serve as a critical driver for building an innovative nation and modernizing national governance capabilities and systems in this new era. This study focuses on the institutional practices of market-oriented reforms for data factors in China, and it utilizes the construction of data trading platforms as a quasi-natural experimental setting. Based on data from Shanghai and Shenzhen A-share listed companies (spanning from 2014 to 2023), we constructed multi-period difference-in-differences models and causal mediation models to systematically analyze the impact of data factor marketization on corporate disruptive technologies and its underlying mechanisms. The findings reveal that data factor marketization significantly promotes corporate disruptive technologies. In this process, marketization breaks down data silos and monopoly barriers, expands the “data resource pool” for enterprises to acquire new knowledge, enhances the technological capabilities of corporate data, optimizes the efficiency of data factor allocation among enterprises, and creates greater resource opportunities for disruptive technologies. Further analysis identifies that “hidden barriers” formed by data protectionism remain a significant challenge. Although current market mechanisms can reduce the cost of acquiring existing knowledge, they provide limited incentives for high-end disruptive technologies that require breakthroughs in cognitive boundaries. The conclusions of this study offer new mechanisms for incentivizing disruptive technologies and provide novel insights for improving data factor markets.
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Received: 12 September 2024
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