THE IMPACT OF ESTABLISHING NATIONAL BIG DATA COMPREHENSIVE TESTING ZONES ON ENTERPRISE INNOVATION EFFICIENCY

This article examines the impact of establishing national big data comprehensive testing zones on enterprise innovation efficiency using data from companies with A-shares on the Shenzhen and Shanghai stock exchanges (2013–2025). The results show a significant positive effect, confirmed by several robustness checks. Mechanism analysis revealed three main channels of influence: stimulating digital transformation, reducing transaction costs, and mitigating financial constraints. The effect is heterogeneous — it is more pronounced in enterprises in central regions, companies with strong intellectual property protection, manufacturers in the manufacturing industry, enterprises in low-tech industries, and growing firms. Based on the findings, it is suggested to improve the market data allocation system, strengthen inter-industry integration and data security, and encourage companies to actively utilize the advantages of experimental zones to create an environment for collaborative innovation.