Data-Factor Marketization and Corporate Green Development Performance: Evidence from China’s Big Data Trading Platform Pilot

Whether the marketization of data as a production factor can be redirected toward environmental ends is a central question for the governance of the digital economy. This study investigates whether and how the pilot policy for big data trading platforms improves corporate green development performance (CGDP). Using A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2024, this paper treats the pilot policy for big data trading platforms as a quasi-natural experiment and applies a staggered difference-in-differences (DID) design to estimate its effect on CGDP, together with the transmission channels and boundary conditions that govern it. Because the rollout is staggered, we complement the two-way fixed-effects benchmark with the heterogeneity-robust estimators of Callaway and Sant’Anna, Sun and Abraham, and the Goodman–Bacon decomposition, and cluster standard errors at the city level. The policy raises CGDP by 0.076, about 6.1% of the sample mean. The estimate remains robust to an event-study/parallel-trend test, placebo tests, propensity score matching (PSM), the Oster selection-on-unobservables bound, alternative and broader green outcome measures—including a significant reduction in chemical oxygen-demand emissions—controls for concurrent digital and innovation policies, exclusion of the 2020 pandemic year, and industry fixed effects. Mechanism evidence shows that the effect operates through stronger green dual innovation, upgraded human capital, and heightened scrutiny from media outlets and securities analysts. The impact is stronger for firms whose executives exhibit greater green awareness and whose internal control is of higher quality, and in more competitive industries and regions with stricter environmental regulation. By showing that a market for data can be redirected toward environmental ends, this study links data-factor marketization to corporate green transition and provides policy evidence for aligning digital economy reform with sustainable development.