Data Assets and Corporate Continuous Innovation: Mechanisms of Robust Anchoring and Dynamic Reconstruction

Abstract

In the context of deepening data assetization, this paper explores the strategic role of data assets in sustaining corporate competitiveness. Utilizing a dataset of China’s A-share listed companies from 2010 to 2023, we examine the influence of data assets on continuous innovation from a synergistic perspective of robust anchoring and dynamic reconstruction. The findings indicate that data assets can significantly empower continuous innovation, with the effect being more pronounced in specific contexts defined by ownership, regional marketization, the intensity of intellectual property protection, and market structure. In further analysis, we also found that this effect extends to green continuous innovation, offering more direct evidence for the sustainability implications of data-driven innovation. Crucially, our mechanism analysis reveals that data assets facilitate innovation through two pathways: (1) a “de-financialization” pathway, which reduces reliance on financial speculation and consolidates the real economy; and (2) a capability-building pathway, which enhances firms’ dynamic capabilities. These findings offer practical implications for policymakers and managers seeking to promote sustainable corporate growth, as they demonstrate that embedding innovation continuity into core strategies serves as a foundational driver of long-term environmental, social, and economic resilience.