数据资产化能否提升企业绿色生产效率?OACHSSCD

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.