数据资产化能否提升企业绿色生产效率？

牛晓童　刘鑫　杨友才

（青岛科技大学）

摘要：数据资产化通过推动数据资源由信息要素向资产性资源转化，为企业提升绿色生产效率提供了新的实现路径。本文选取2012—2024年沪深A股上市公司数据，采用双向固定效应模型分析数据资产化对企业绿色生产效率的影响及其作用机制。研究发现，数据资产化提升了企业绿色生产效率，且相较于交易型数据资产，自用型数据资产对绿色生产效率的提升作用更明显。机制分析表明，数据资产化通过缓解融资约束、改善信息环境以及提升投资效率三条途径提升企业绿色生产效率。交互效应分析结果显示，耐心资本强化了数据资产化对企业绿色生产效率的提升作用。异质性分析结果显示，数据资产化对企业绿色生产效率的提升作用在高管有环保背景的企业、非重污染企业、东部地区企业以及社会声誉良好的企业中更明显。本文为理解数据资产化的绿色经济效应提供了经验证据，也为推动企业绿色生产效率提升和建设美丽中国提供了政策启示。

关键词：数据资产化；企业绿色生产效率；融资约束；信息环境；投资效率；耐心资本

作者简介：牛晓童，青岛科技大学经济与管理学院特聘副教授，青岛，266061；刘鑫，青岛科技大学经济与管理学院硕士研究生；杨友才，青岛科技大学经济与管理学院教授、博士生导师，通信作者。

基金项目：山东省自然科学基金青年科学基金项目“环境规制可预期性波动下山东制造业企业绿色创新韧性的形成机理、效应与治理机制”（ZR2026QC0645）

引用格式：牛晓童，刘鑫，杨友才. 数据资产化能否提升企业绿色生产效率？[J]. 经济与管理研究，2026，47（8）：36-55.

Can Data Assetization Improve Corporate Green Production Efficiency?

NIU Xiaotong, LIU Xin, YANG Youcai

(Qingdao University of Science & Technology, Qingdao 266061)

Abstract: Against the background of China's digital and green transition, how firms convert data resources into green efficiency gains has become a crucial micro-level issue. Data assetization refers to a systematic process undertaken by firms centered on clarifying data rights, improving data governance, integrating data resources, and embedding data into production, financing, investment, and environmental decisions. Using data from Chinese A-share listed firms from 2012 to 2024, this paper employs a two-way fixed effects model to empirically examine the impact of data assetization on corporate green production efficiency (GPE) and the underlying mechanisms.

The results show that data assetization improves corporate GPE. After distinguishing internally used data assets from transaction-oriented ones, this paper finds that the former has a stronger positive effect. This suggests that, at the current stage, the green value of data is created mainly through internal data governance, process optimization, production control, and decision support, rather than through external data transactions alone. It also indicates that data market development and firm-level data use play different but complementary roles in green transformation.

Mechanism tests reveal three channels. First, data assetization alleviates financing constraints. By making corporate operations more visible, traceable, and credible, it reduces external investors’ information concerns and helps firms obtain funds for green upgrading. Second, data assetization improves the information environment. Better data foundations and more transparent disclosure reduce information asymmetry between firms and stakeholders, strengthen external monitoring, and restrain inefficient resource use. Third, data assetization enhances investment efficiency. Data-based decision systems help firms match capital with projects more accurately, reduce resource misallocation, and facilitate the conversion of investment into green output.

Further analysis shows that patient capital strengthens the positive effect of data assetization on GPE. Long-term and stable capital eases short-term performance pressure, supports sustained investment in data governance and green upgrading, and improves the intertemporal fit between data assetization and green transformation. Heterogeneity analysis indicates that the effect is stronger in firms whose executives have environmental backgrounds, firms in non-heavily polluting industries, firms in the eastern regions, and firms with a stronger social reputation.

This paper contributes to the literature by extending research on the economic consequences of data assetization to GPE, unpacking the mechanisms through which data assetization affects green transformation, and identifying patient capital and firm characteristics as important conditions shaping the green value of data. The findings provide empirical evidence for understanding the green economic effect of data assetization and offer policy implications for improving corporate GPE, developing data factor markets, and advancing the construction of a Beautiful China.

Keywords: data assetization; corporate green production efficiency; financing constraint; information environment; investment efficiency; patient capital

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