Marketization of Data Elements and Corporate Green Innovation: Evidence from the Establishment of Data Trading Platforms in China

In the digital economy, data has emerged a pivotal driver for optimizing resource allocation, enhancing productivity, and accelerating the transition toward environmentally sustainable development. Exploring how the marketization of data elements affects corporate green innovation is of considerable theoretical and practical significance. Using the establishment of data trading platforms in China as a quasi-natural experiment, this study constructs a multi-period difference-in-differences (DID) model based on panel data of A-share listed firms between 2009 and 2022 to investigate the impact of data element marketization on corporate green innovation. The empirical results demonstrate that the marketization of data elements significantly promotes corporate green innovation, and this conclusion remains consistent across a series of robustness checks. Further exploration of the underlying mechanisms reveals that the marketization of data elements fosters green innovation by alleviating financing constraints, improving the structure of human capital, and facilitating collaborative innovation. These mechanisms highlight the role of data markets in strengthening corporate innovation capacity while reinforcing environmental responsibility. Moreover, heterogeneity analyses indicate that the promoting effect is particularly pronounced among firms located in the eastern China, regions equipped with advanced digital infrastructure, industries with lower pollution level, and non-state-owned enterprises. By linking reforms in data governance with green development objectives, this research enriches the growing literature on digital institutional transformation and corporate environmental innovation. The findings provide new empirical evidence that the establishment of data markets constitutes an effective institutional mechanism for advancing green and low-carbon development, offering valuable policy insights for integrating digital economy progress with ecological sustainability.