Abstract: Promoting data element sharing and achieving enterprise upgrading are crucial foundations for shaping a new pattern of high-quality development. Based on a quasi-natural experiment scenario provided by public data openness and employing the data from China’s A-share listed companies from 2009 to 2022, this study examines the impact of data element sharing on enterprise upgrading and its underlying mechanisms. The findings reveal that data element sharing can significantly drive the upgrading of micro-level enterprises, a conclusion that holds true after a series of robust tests. The mechanism analysis indicates that external resource support and internal resource optimization are two key channels through which data element sharing promotes enterprise upgrading. Further analysis shows that data element sharing has significant upgrading effect on small- and medium-sized enterprises (SMEs) and non-high-tech firms, playing a vital“timely assistance”role in the economy. Moreover, the micro-level empowerment effect of data element sharing is more pronounced in regions with stronger legal protection and better resource endowments, suggesting a“synergistic linkage”is formed between data element sharing, legal system protection, and element resource supply. Based on these findings, it is recommended that the government should enhance the openness of data elements. Simultaneously, enterprises should fully explore the application scenarios and latent functions of public data, activate the creative vitality of data elements, and optimize corporate resource allocation efficiency.

Key words: data element sharing, enterprise upgrading, external resource support, internal resource optimization