Abstract: In the context of an aging population, facilitating the flow of data factor and encouraging enterprises to leverage public data to optimize contribution management are crucial for the sustainable development of the social security system. Taking A-share listed companies from 2007 to 2022 as samples, this study conducted a quasi natural experiment on the phased promotion of public data open platforms by local governments. A multi period double difference model is used to empirically test the impact and mechanism of data element sharing on corporate social security payment compliance. The findings reveal that data factor sharing can significantly enhance corporate social security payment compliance, and the higher the quality of data openness, the more helpful it is to improve the compliance of enterprises with social security contributions. In terms of the mechanism, data element sharing mainly promotes the improvement of corporate social security payment compliance through three paths: supervision effect, incentive effect, and empowerment effect. The heterogeneity analysis shows that there are significant differences in the improvement of corporate social security payment compliance through data element sharing in terms of corporate property rights and wage costs. The expansion test shows that data element sharing can significantly alleviate the difference in payment burden between enterprises and promote fairness in social security payment. Therefore, it is necessary to further improve the policy of public data openness and continuously utilize data elements to promote the sustainable development of the social security system.

Key words: data factor sharing, social security payment compliance, supervisory effect, incentive effect, empowerment effect