基于数据要素价值创造视角，以2012~2022年A股上市公司为样本，考察企业数据要素投资同群效应的存在性、形成机理和异质性。研究发现，企业数据要素投资存在同群效应，基于学习的模仿和基于竞争的模仿是形成企业数据要素投资同群效应的重要动因。异质性研究发现，政府数据要素投资战略导向、技术要素与数据要素的价值协同作用等都能强化企业数据要素投资同群效应，且这一同群效应在非东部地区和非国企中更为明显。拓展分析发现，企业数据要素投资的同群效应有利于促进焦点企业核心技术创新、提升焦点企业全要素生产率和发展新质生产力。

Based on the perspective of data factor value creation and using a sample of A-share listed firms from 2012 to 2022, this study investigates the existence, formation mechanisms， and heterogeneity of peer effect in corporate data factor investment. The results show that there is a peer effect in corporate data factor investment, and imitations based on learning and competition is a key motive for the formation of the peer effect in corporate data factor investment. The heterogeneity study finds that the strategic orientation of government data factor investment and the value synergy between technology factor and data factor can strengthen the peer effect. Further research finds that this peer effect is more obvious in non-eastern regions and non-SOEs. Extended analysis reveals that the peer effect in corporate data factor investment facilitates focal firms’ core technological innovation, enhances their total factor productivity, and fosters new quality productive forces.