Data Elements Marketization and Corporate ESG Performance: A Quasi‐Natural Experiment Based on China's Data Trading Platforms Pilot Policies

ABSTRACT This article investigates the impact of Data Element Marketization (DEM) on corporate Environmental, Social, and Governance (ESG) performance, using a quasi‐natural experiment based on China's data trading platforms pilot policies. Employing a Difference‐in‐Differences (DID) framework, we find that DEM significantly enhances ESG outcomes by alleviating financing constraints, promoting digital transformation, and strengthening external supervision. Our results highlight that firms with higher intangible asset intensity and those located in more marketized regions experience stronger improvements in ESG performance. Additionally, DEM also helps mitigate greenwashing behaviors. This study contributes to the understanding how market mechanisms for data circulation can drive corporate sustainability and offers policy implications for advancing DEM reforms.