Spatial drivers of data element marketization on green total factor energy efficiency: Spillover effects, transmission pathways, and financial empowerment

Data, as a revolutionary factor of production, is increasingly recognized as a key lever for resolving China’s long-term tension between economic growth and environmental governance while enabling urban green transformation. Using panel data for 282 prefecture-level cities in China from 2010 to 2023, this paper treats the establishment of local data exchange platforms as a quasi-natural experiment. By combining DID with the SDM to construct SDID and spatial SDDD specifications, we evaluate the impact of DEM on GTFEE. The paper reveal that: (1) DEM significantly enhances urban GTFEE, and this conclusion remains robust under a series of stringent robustness checks. (2) Spatial econometric analysis indicates that DEM not only directly boosts local GTFEE but also generates significant positive spatial spillover effects on neighboring cities. (3) The DIFI exerts a significant positive moderating effect on the impact of DEM on GTFEE. (4) Mechanism analysis confirms that DEM affects GTFEE through two mediating channels: promoting technological innovation and strengthening environmental regulation. (5) The policy effects exhibit pronounced regional and financial heterogeneity, with stronger impacts in eastern and central regions and in cities with higher levels of financial development. This paper provides new empirical evidence on how data elements drive green development and offers valuable insights for the formulation of relevant policies.