数据要素市场化与城市创业OACHSSCD

Promoting the marketization of data factors in China is an important institutional arrangement for improving resource allocation efficiency and fostering new drivers of innovation-driven growth.Using data on the first batch of data exchange centers,this paper employs a multi-period difference-in-differences(DID)model to identify the causal effect of data factor marketization on urban entrepreneurship.We find that the establishment of data exchange centers significantly increases entrepreneurship at the city-industry level.The results remain robust across an event-study design,tests of heterogeneous treatment effects,and multiple robustness checks.The effect is stronger in industries with lower total factor productivity,higher profitability,and more innovation investment.Mechanism analysis shows that easing information access constraints and improving the external financing environment are two key channels through which the policy operates.Further analysis shows that new startups mainly come from partnerships and small-and medium-sized firms.Entrepreneurial activity also shows a structural shift toward the tertiary sector.Based on the analysis in China's current stage of data factor marketization,this paper provides empirical evidence on how data institutions affect entrepreneurship and industrial structural change.It also offers policy implications for improving the data factor market system and promoting high-quality entrepreneurial development.