Data factor marketization and enterprise competitive advantage: a perspective based on information flow and knowledge spillover

Using the establishment of Data Trading Platforms (DTPs) in Chinese cities as a quasi-natural experiment and panel data of A-share listed firms from 2011 to 2023, this paper investigates the impact of data factor marketization on enterprise competitive advantage. The results show that DTPs significantly improve enterprise competitive advantage. Mechanism analysis suggests that this effect operates through facilitating information flows and knowledge spillovers, thereby reducing management friction, mitigating resource misallocation, accelerating digital transformation, and promoting collaborative innovation. Heterogeneity analysis reveals that the effect is stronger for firms with higher absorptive capacity and those located in cities with stronger intellectual property protection and more developed digital infrastructure. In addition, quantile regression indicates a stronger improvement among firms with lower initial competitiveness, implying a latecomer advantage effect. This study provides micro-level evidence on the economic effects of data factor marketization and offers implications for improving data trading institutions.