Natural resource saving effects of data factor marketization: Implications for green recovery

Using the resource-saving effect of digital factors to improve the efficiency of using natural resources, especially energy, is vital for achieving a green recovery. This study, taking the construction of China's big data platform and data exchange as an example, analyzes the resource-saving effect of data factor marketization by using the multi-period double-difference model, the KHB mediating effect model, and the quantile review model. It explores how the data factor market affects enterprises’ energy efficiency, considering data from 2011 to 2019. The findings confirm that the establishment of data factor markets enhances enterprise energy efficiency, while its effect has multidimensional heterogeneity. In addition, this natural resource-saving effect gradually increases as energy efficiency improves. The effect results from micro-level green innovation and macro-level market enhancement. Based on the findings, the study recommends that steadily promoting data marketization could enhance enterprise energy efficiency, leading to a green recovery for the economy.