Can data factor aggregation enhance enterprise resilience?— A quasi-natural experiment employing national big data comprehensive pilot zone

As the digital economy increasingly emerges as a new driver of economic growth, investigating whether data factor agglomeration can enhance enterprise resilience is of significant importance. This study takes the construction of the national big data comprehensive pilot zone as the policy orientation, based on data from China’s A-share listed companies from 2011 to 2023, and uses a multi-period difference-in-differences model to evaluate the impact and mechanism of data factor aggregation on enterprise resilience. The findings reveal that data factor agglomeration significantly enhances enterprise resilience; this conclusion holds after a series of robustness tests. Enhancing total factor productivity and strengthening digital technology innovation constitute key mechanisms through which data factor agglomeration boosts enterprise resilience. Furthermore, financing constraints will weaken the effect of data factor aggregation on enhancing enterprise resilience, while institutional investor holdings exert a positive moderating effect. This effect is particularly pronounced in regulated industries and short-lived enterprises. This study aims to provide theoretical guidance and practical evidence for governments to optimise data factor allocation policies and for enterprises to enhance risk-resistance capabilities.