Abstract:
Data assets represent a crucial emerging production factor, and clarifying how they facilitate value chain upgrading in manufacturing firms holds significant theoretical and practical implications. Grounded in dynamic capability theory and employing manufacturing listed companies on the Shanghai and Shenzhen A-share markets as samples, this study finds that data assets enhance manufacturing firms' ability to continuously integrate, build, and reconfigure internal and external resources in highly uncertain environments, thereby promoting value chain upgrading. Further analysis reveals: (1) Data assets possess cross-contextual transferability characteristics, enabling firms to accurately identify innovation directions, build open and shared collaborative innovation networks, acquire diversified frontier technologies and knowledge, and enhance innovation capability; (2) Data assets exhibit standardized management characteristics, facilitating firms to screen and absorb external knowledge through proprietary data platforms, achieve deep integration of internal and external knowledge, form self-reinforcing and continuously iterative learning systems, and thereby improve absorptive capability; (3) Data assets are measurable, allowing firms to identify resource allocation directions and quickly adjust production layouts and operational processes by measuring the value contribution of data assets in specific operational scenarios, thereby enhancing adaptive capability. Heterogeneity analysis indicates that the positive effect of data assets on manufacturing firms' value chain upgrading is more pronounced in non-state-owned enterprises, firms with higher executive digital literacy, regions with open public data, and environments with lower economic policy uncertainty. This study reveals the intrinsic logic of data assets transmitting through dynamic capabilities to achieve value chain upgrading, providing theoretical and practical references for transitioning data assets from balance sheet recognition to value realization.
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