数据资产对制造业企业创新能力的影响研究

Research on the Impact of Data Assets on the Innovation Capability of Manufacturing Enterprises

摘要: 在数字经济与实体经济深度融合背景下，数据资产逐渐成为制造业企业优化资源配置、提升研发效率和增强创新能力的重要资源。本文以2014~2023年A股制造业上市公司为研究样本，基于上市公司年报中数据资产相关关键词词频构建数据资产水平代理指标，并以发明专利申请数量衡量企业创新能力，在剔除年度ST样本后，检验数据资产水平与制造业上市公司创新能力之间的关系及其可能作用机制。研究发现，数据资产水平与制造业上市公司创新能力显著正相关；在替换变量、使用滞后一期解释变量以及控制企业固定效应后，结论仍保持稳健。机制检验结果表明，研发投入和人力资本水平可能是数据资产影响企业创新能力的重要作用路径。异质性分析显示，在不同技术密集度、所有权性质和地区样本中，数据资产变量均显著为正，说明结论在不同分组样本中具有一定稳健性。本文丰富了数据资产与制造业企业创新关系的相关研究，也为企业加强数据治理、提升数据资源应用能力提供了经验证据。

Abstract: Against the backdrop of the in‑depth integration of the digital economy and the real economy, data assets have gradually become a critical resource for manufacturing enterprises to optimize resource allocation, raise R&D efficiency and boost innovation capacity. This paper takes A‑share listed manufacturing companies from 2014 to 2023 as research samples. It constructs a proxy indicator for the level of data assets based on the word‑frequency of data‑asset‑related keywords in corporate annual reports, and measures corporate innovation capacity by the number of invention patent applications. After excluding annual ST‑status samples, this paper examines the correlation between data‑asset level and the innovation capacity of listed manufacturing firms, as well as its potential influencing mechanism. The empirical results demonstrate that the level of data assets is significantly and positively correlated with manufacturing listed firms’ innovation capacity. The conclusion remains robust after variable replacement, adoption of the one‑period‑lagged explanatory variable and control for firm fixed‑effects. Mechanism tests indicate that R&D investment and human capital level serve as vital transmission paths through which data assets affect corporate innovation capability. Heterogeneity analysis shows that the coefficient of the data‑asset variable stays significantly positive across subgroups with varied technology intensity, ownership nature and geographic locations, which verifies the robustness of our findings among grouped samples. This study expands existing research concerning the nexus between data assets and manufacturing‑firm innovation, and furnishes empirical evidence for enterprises to strengthen data governance and improve the application capability of data resources.