工业互联网、数据要素化与企业价值创造

伍先福　周志军

（广西师范大学）

摘要：数字经济时代，工业互联网已成为企业价值创造的基本途径，其内在机制主要通过数据要素化来实现。基于2016—2024年沪深A股制造业上市公司数据，本文系统考察工业互联网对企业价值创造的影响及其作用机制。研究结果显示，应用工业互联网能促进企业价值创造。机制分析表明，工业互联网主要通过数据要素化赋能企业价值创造，具体体现在数据资源化、数据资产化、数据商品化、数据资本化四个方面。进一步分析发现，数据要素化赋能企业价值的释放，需要通过与传统生产要素的深度协同来实现。本文的研究既为理解工业互联网的价值创造效应提供视角，也为推动制造业数字化转型与数据要素化场景应用提供政策启示。

关键词：数字化转型；工业互联网；数据要素化；企业价值创造；数字化生态

作者简介：伍先福，广西师范大学经济管理学院/广西向海经济跨境产业链智能决策重点实验室教授、博士生导师，桂林，541004；周志军，广西师范大学经济管理学院硕士研究生，通信作者。

基金项目：国家自然科学基金地区科学基金项目“工业互联网驱动制造业数据要素价值创造与倍增的传导机制研究”（72463005）；广西哲学社会科学研究课题“广西制造业数字化转型的成效、瓶颈与分类推进对策研究”（23BYJ004）

引用格式：伍先福，周志军. 工业互联网、数据要素化与企业价值创造［J］. 经济与管理研究，2026，47（10）：19-31.

Industrial Internet, Data Factorization, and Enterprise Value Creation

WU Xianfu, ZHOU Zhijun

(Guangxi Normal University, Guilin 541004)

Abstract: In the digital economy era, the industrial internet has become an important driver for enterprise value creation, with its empowering potential transmitted primarily through data factorization. However, existing literature has paid limited attention to the role of data factorization in the relationship between the industrial internet and enterprise value creation. This paper aims to bridge this gap by systematically investigating how the industrial internet empowers enterprise value creation through data factorization and its sequential evolutionary stages. This paper constructs an empirical model using panel data from A-share listed manufacturing companies in China from 2016 to 2024. Industrial internet adoption is identified via web crawling and manual verification of annual reports. Enterprise value creation is measured by Tobin’s Q. Data factorization is evaluated using a Bidirectional Encoder Representations from Transformers (BERT)-based approach. Temperature conditions are employed as an instrumental variable to address endogeneity concerns. An alternative cost-based measure of data factorization is also employed based on the perpetual inventory method. Control variables at the firm, provincial, and industry levels are included, and enterprise, year, and city fixed effects are controlled throughout the regressions.

Empirical findings indicate that industrial internet adoption enhances enterprise value creation. This conclusion holds after endogeneity analysis and a series of robustness tests. Mechanism analysis shows that the industrial internet primarily empowers enterprise value creation through data factorization, experiencing four sequential stages: data as a resource, data as an asset, data as a commodity, and data as capital. Further analysis reveals that this empowering effect does not operate in isolation but is realized through deep synergy with traditional production factors.

This paper makes three contributions. First, it uncovers the data factorization mechanism through which the industrial internet drives enterprise value creation, rendering this transmission more transparent. Second, it introduces a BERT-based measurement approach for data factorization, enabling precise, context-sensitive, and stage-specific empirical identification. Third, it deepens the theoretical understanding of the empowering conditions for data factorization.

The policy implications are threefold. First,the government may consider promoting and deepening industrial internet adoption in a differentiated manner, reducing information search costs for non-adopters while providing tiered fiscal support for adopters based on application depth. Second, targeted incentive policies should be designed for different stages of data factorization to consolidate resourcification, support assetization, facilitate commoditization, and advance capitalization. Third, synergistic policies should be implemented across the three dimensions of labor, technology, and capital to facilitate data factorization: enhancing workforce data skills, transforming tacit knowledge into data models and algorithmic tools, and enabling firms to leverage operational data for more efficient capital allocation.

Keywords: digital transformation; industrial internet; data factorization; enterprise value creation; digital ecosystem

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