How to Address Corporate Overcapacity in Enterprises through Data Factor Market Development: A Quasi-Natural Experiment Based on Data Trading Platforms
SHI Zhen
School of Economics, Shanxi University Of Finance and Economics, Taiyuan, Shanxi, 030006
Abstract：The development of a data factor market presents a crucial pathway to unlocking the productive potential of data. Particularly in contexts of widespread overcapacity, such market development can enhance resource allocation efficiency, avert redundant production and resource wastage, and thereby offer a more effective solution for mitigating corporate overcapacity. Accordingly, this study constructs a quasi-natural experiment, leveraging the establishment of regional data factor trading platforms as a policy shock, to investigate the mitigating effect of data factor market development on corporate overcapacity. The empirical findings reveal that the development of a data factor market significantly reduces the level of corporate overcapacity. This mitigating effect is more pronounced for non-state-owned, resource-based, and eastern-region enterprises. Further channel analysis indicates that the key mechanisms include alleviating information asymmetry, strengthening innovation impetus, and curbing inefficient investment. Moreover, the development of the data factor market, in synergy with technology transfer policies, forms a novel technology-data hybrid paradigm for capacity governance. This combined approach yields a more potent impact, better addressing the structural overcapacity that arises from fragmented production planning. These findings suggest a need to move beyond traditional policy frameworks. It is imperative to develop innovative, data-factor-based solutions and to fortify synergistic mechanisms with technology innovation policies, thereby more effectively addressing overcapacity and enhancing corporate productivity and quality.
史贞. 数据要素市场建设如何治理企业产能过剩：基于数据交易平台的准自然实验[J]. 《深圳大学学报》（人文社科版）, 2026, 43(1): 74-86.
SHI Zhen. How to Address Corporate Overcapacity in Enterprises through Data Factor Market Development: A Quasi-Natural Experiment Based on Data Trading Platforms. , 2026, 43(1): 74-86.
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2026, Vol. 43 
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