Unlocking carbon lock-in: How data factor marketization propels low-carbon transformation in heavy-polluting enterprises.

In modern economies, data factors have become crucial catalysts for the revolutionary advancement of heavily polluting sectors. The market-driven distribution of these data assets not only generates significant economic benefits but also provides essential assistance for establishing a sustainable development framework. This paper selects the creation of China's data trading platforms as a quasi-natural experiment, analyzing data from A-share listed companies in heavily polluting industries from 2012 to 2022. This study employs a multi-temporal difference-in-differences model to analyze the effect of data factor marketization on the low-carbon transformation of big polluters. The empirical evidence demonstrates that online data trading platforms substantially aid the low-carbon transformation of heavily polluting industries. Mechanism tests indicate that data factor marketization facilitates this change by augmenting knowledge recombination and bolstering supply chain discourse power. The data promotion is more significant among heavily polluting firms with diminished green management & technology innovation, particularly in non-resource-based cities. This paper enhances the theoretical understanding of data-driven low-carbon transition systems, clarifies the roles of data factor marketization, knowledge recombination, and supply chain discourse in corporate low-carbon transitions, and offers empirical evidence for examining the intrinsic connections between the data economy and sustainable development.