复现代码&数据

Drawing on a sample of Chinese A-share listed firms on the Shanghai and Shenzhen Stock Exchanges over the period 2008–2023, this paper treats the establishment of municipal-level state data corporations as an exogenous policy shock representing the institutional implementation of authorized public data operation, and constructs a staggered difference-in-differences model to examine the effect of state data corporation establishment on firms’ key digital technology innovation and the underlying mechanisms.

The findings indicate that the establishment of state data corporations significantly promotes firms’ key digital technology innovation. This baseline result remains robust across a series of validity checks, including pre-trend tests, placebo tests, and endogeneity corrections. Heterogeneity analysis reveals that the innovation-enhancing effect of state data corporation establishment is concentrated among state-owned enterprises, firms with stronger digital infrastructure, information-intensive industries, and regions that place greater emphasis on digital economy development.