The Data Element Marketization and Enterprise Integrated Innovation: Evidence from Chinese Listed Companies

Amid intensifying global technological competition and external containment, advancing enterprise integrated innovation is essential to overcome fragmented innovation elements and boost the national innovation system’s efficiency. As a core factor in the digital economy, data element marketization serves as a key engine for enabling such innovation through market-based allocation. Using data from China’s A-share listed firms (2014–2023), this study empirically tests the influence of data element marketization on enterprise integrated innovation. Results show it significantly boosts integrated innovation, a finding robust to multiple checks. Mechanism analyses reveal that data marketization fosters innovation via three channels: increasing information transparency, improving resource allocation and strengthening dynamic capabilities. Further investigation indicates a positive moderating effect of regional intellectual property protection, with stronger impacts in large firms, enterprises in regions with higher marketization levels and stronger fiscal support. Ultimately, data element marketization facilitates high-quality economic development through enhanced integrated innovation. This research extends integrated innovation theory from a data marketization perspective, elucidates data empowerment mechanisms, and offers insights for building an integrated innovation ecosystem driven by data elements.