Abstract：In the context of high-quality development of the digital economy, improving the quality and efficiency of data factor flow is a key part of promoting new quality productivity of enterprises in the new era. This paper takes the construction of the data factor market platform as a quasi-natural experiment to empirically test the impact of data factor market construction on the new quality productivity of A-share listed firms in China’s Shanghai and Shenzhen cities, the mechanism, and the change of the effect under the synergy of policies. The empirical results find that data factor market construction can effectively enhance firms’ new quality productivity. The heterogeneity test finds that data factor market construction has a more significant new quality productivity-driving effect on firms with high environmental uncertainty, digital transformation, and growth and maturity. The mechanism study finds that optimizing information quality, reducing inefficient investment and enhancing internal control capabilities are the specific channel mechanisms through which data factor market construction empowers enterprises’ new productivity. Policy synergy research finds that data factor market construction and science and technology financial reform pilot policies, in synergy, can give enterprises greater acceleration of new quality productivity enhancement. Government departments should put more effort into supporting localities to implement differentiated data factor-enabling policies based on their factor endowments, accelerate the construction of big data infrastructures, and fully promote the synergies of multiple policies to enhance the driving effect of data factor market construction on enterprises’ new productivity.
王娟. 以“数”赋能：数据要素市场建设影响企业新质生产力的机制、渠道及效应[J]. 《深圳大学学报》（人文社科版）, 2025, 42(2): 80-92.
WANG Juan. Empowering with Data: The Effect of Data Factor Market Building on the New Quality Productivity of Enterprises. , 2025, 42(2): 80-92.
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