Can the Marketization of Data Factors Improve the Efficiency of Urban Green Innovation? An Empirical Analysis of Both Intra-Domestic Firms and Spatial Perspectives

Facilitating access to data resources and leveraging data factors to promote green innovation are essential for advancing digital strategies toward carbon neutrality. Since 2015, China has established data exchanges across multiple cities. Could this initiative enhance the efficiency of green innovation (GIE)? This study develops a research framework grounded in neoclassical economics and synergy theory, and investigates the relationship between the marketization of data factors (MADF) and GIE using panel data from 192 Chinese cities spanning the period from 2007 to 2021. Empirical evidence at both the city and firm levels demonstrates that the MADF significantly enhances GIE. The impact of MADF on GIE is more significant in non-Yangtze River Economic Belt (YREB) cities as well as in cities with higher intensity of environmental regulation. MADF can enhance GIE by attracting high quality foreign direct investment (FDI). Meanwhile, financial technology (Fintech) positively moderates the relationship between MADF and GIE. Furthermore, a notable spatial spillover effect exists between the MADF and the efficiency of green innovation. These findings offer practical guidance for advancing the comprehensive green transformation of economic and social development.