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"New Quality Productive Forces and High-level Scientific & Technological Self-reliance and Strength" Column

Data Assets and the New Quality Productivity of the Enterprises: A Perspective Based on Total Factor Productivity 

Chen Peizhen1 , Gong Xiaoye2 , Zhan Xiangdong1

(1.College of Economics and Management, Changsha University, Changsha 410022, China; 2.School of Business  Administration, Chongqing Technology and Business University, Chongqing 400067, China)

Abstract: New quality productivity, characterized by the enhancement of total factor produc⁃ tivity, serves as a pivotal driver for advancing high-quality economic development. Data assets, recognized as a new production factor, are of great significance to improving the new quality pro⁃ ductivity of enterprises. This study analyzes panel data from Chinese A-share listed companies  between 2007 and 2022 to reveal the mechanism through which data assets on the new quality  productivity of enterprises through empirical analysis. The focus is on the moderating effect of or⁃ ganizational resilience and how data assets affect new quality productivity through asset specific⁃ ity and asset pricing efficiency. The research finds that data assets significantly promote the im⁃ provement of enterprise new quality productivity. This finding remains valid after endogeneity  treatment and various robustness tests. Heterogeneity analysis shows that the positive impact of  data assets on new quality productivity is more pronounced in enterprises within the digital  economy and in labor-intensive industries. Further research reveals that organizational resil⁃ ience plays a positive moderating role in the relationship between data assets and new quality  productivity. Mechanism tests show that data assets enhance new quality productivity through  two paths: reducing asset specificity and improving asset pricing efficiency. This study not only  enriches the theory of data elements by integrating data assets into the productivity analysis  framework, providing a new perspective for understanding the sources of new quality productiv⁃ ity in the digital economy era but also broadens the application of organizational resilience  theory, revealing its important role in the value transformation process of data assets. The re⁃ search results have important guiding significance for enterprises to better manage data assets  and improve organizational resilience, ultimately boosting new quality productivity. For policy⁃ makers, the research results provide a reference for promoting the management and utilization of  data assets. They can assist in formulating policies and measures that encourage marketoriented allocation of data factors, to comprehensively improve the new quality productivity of  the economy as a whole. 

Key words: data assets; organizational resilience; new quality productivity; total factor pro⁃ ductivity