Abstract: In the digital economy era, investigating whether data element marketization can resolve the 'chokehold’ dilemmas in key and core technologies is of great strategic significance. Existing literature predominantly focuses on the R&D input effects of traditional factors, with scant attention paid to the micro-mechanism by which data element marketization empowers breakthroughs in key technologies. Using a sample of Chinese A-share listed companies from 2009 to 2023, this study constructs a multi-period Difference-in-Differences (DID) model to empirically examine the impact of data element marketization on innovation in key and core technologies. The findings indicate the following: First, data element marketization significantly promotes corporate innovation in key and core technologies. Second, the regional innovation ecosystem plays a crucial moderating role. In regions with narrower innovation frontiers and relatively weaker foundations, the marginal promoting effect of data element marketization on corporate innovation in key and core technologies is stronger. Third, the innovation-enabling effect of data element marketization is more pronounced in eastern regions, high-tech industries, and large-scale firms. The conclusions highlight the ecosystem-dependent nature of data element value realization, providing empirical evidence for promoting the synergy between an "effective market" and a "proactive government" in the digital era, and for simultaneously "building the market" and "nurturing the ecosystem."

Key words: data element marketization, key and core technology innovation, regional innovation ecosystem, innovation frontier, knowledge structure