How can data trading platforms promote cross-regional capital flow? A quasi-experiment based on syndication investment networks

Drawing on weak tie and path dependence theories, this study examines how data trading platforms influence cross-regional capital flows. Using a quasi-natural experiment based on staggered platform pilots in China and venture capital (VC) data from 2009 to 2023, we find that these platforms significantly promote cross-regional investment. Mechanism analyses reveal two pathways: platforms reduce syndication network costs and optimize network structures while enhancing VC institutions’ investment specialization capabilities. The policy effects exhibit spatial asymmetry. Target-region pilots stimulate capital inflows, whereas origin-region pilots crowd out cross-regional investment. Furthermore, heterogeneity analyses show stronger effects for manufacturing enterprises and non-state-owned institutions. Our findings extend weak tie and path dependence theories to the digital infrastructure context, offering actionable insights for policymakers seeking to reduce regional capital barriers.