以2011～2023年中国上市公司为研究样本，实证检验焦点企业数据资产化对供应链上下游创新的双边溢出效应及其作用机制。研究发现：焦点企业数据资产化能够驱动上游供应商与下游客户创新，且呈现非对称的双边溢出效应，表现为对下游客户的促进作用更明显。机制分析表明，焦点企业数据资产化通过信息溢出与知识溢出，促进供应链上下游创新；但有所区别的是，对供应商创新的促进主要通过信息溢出实现，对客户创新则主要借助知识溢出实现。此外，当地理距离越近、关系距离较远时，焦点企业数据资产化具有更显著的创新溢出效应。

Using Chinese listed companies from 2011 to 2023 as a sample, this study examines the bilateral spillover effects of focal firms’ data assetization on upstream and downstream innovation, as well as the underlying mechanisms. The results show that data assetization of focal firms stimulates innovation among both upstream suppliers and downstream customers, but the spillover effects are asymmetric, with a stronger impact on downstream customers. Mechanism analysis reveals that these effects operate through information and knowledge spillovers. Specifically, supplier innovation is mainly enhanced via information spillover, while customer innovation is primarily driven by knowledge spillover. In addition, the innovation spillover effects of focal firms’ data assetization become more significant when geographical distance is shorter and relational distance is greater.