Drawing on weak tie and path dependence theories, this study examines how data trading platforms influence cross-regional capital flows. Using a quasi-natural experiment based on staggered platform pilots in China and venture capital (VC) data from 2009 to 2023, we find that these platforms significantly promote cross-regional investment. Mechanism analyses reveal two pathways: platforms reduce syndication network costs and optimize network structures while enhancing VC institutions’ investment specialization capabilities. The policy effects exhibit spatial asymmetry. Target-region pilots stimulate capital inflows, whereas origin-region pilots crowd out cross-regional investment. Furthermore, heterogeneity analyses show stronger effects for manufacturing enterprises and non-state-owned institutions. Our findings extend weak tie and path dependence theories to the digital infrastructure context, offering actionable insights for policymakers seeking to reduce regional capital barriers.
Chen et al. (Thu,) studied this question.
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