This study explores the impact of data factor allocation on firms’ new quality productivity from the perspective of the composition-based view. Using a sample of China’s A-share listed firms from 2011 to 2022, the research employs the establishment of National Big Data Comprehensive Pilot Zones as a quasi-natural experiment scenario. The results show that the data factor allocation significantly enhances firms’ new quality productivity. Mechanism research reveals that the level of data capitalization plays a significant mediating role between data factor allocation and firms’ new quality productivity. The moderating effect test shows that the composition capabilities positively moderate the relationship between data factor allocation and firms’ new quality productivity, and positively moderates the mediating effect of data capitalization level. Heterogeneity analysis shows that data factor allocation has a more significant enhancing effect on the new quality productivity of state-owned firms and high-tech firms.