Driven by the new round of scientific and technological revolution, innovation competition among enterprises presents higher organizational network complexity. It is difficult for enterprises to meet the rapidly iterating market demand through closed innovation relying merely on internal resources, and the innovation model needs to evolve toward open network cooperation. Especially in the context of the digital economy, the embedding of digital innovation networks helps enterprises build multi-agent innovation collaboration relationships integrating the digital and real economy, thereby reshaping their competitive advantages in products and technologies. Meanwhile, the network embedding theory holds that data factors are the key to driving the construction of digital innovation networks. Government-led data trading and data opening platforms focus on the transaction and circulation of commercial data and the opening and sharing of government data respectively. They exert synergistic and complementary effects in unlocking the value of data factors and have a significant impact on driving enterprises to embed in digital innovation networks.

From the dual perspectives of data trading and data opening, this paper empirically examines the impact of data policy synergy on the embedding of corporate digital innovation networks using data of China’s A-share listed companies from 2009 to 2023. The results show that, compared with single data factor policies, policy synergy has a stronger driving effect on the embedding of corporate digital innovation networks. Mechanism testing indicates that data policy synergy promotes the embedding through three channels: culture, information, and technology. Specifically, policy synergy strengthens corporate culture of cooperation, facilitates information sharing, and improves technological correlation between enterprises. Heterogeneity analysis shows that the driving effect of data policy synergy is more significant for enterprises with higher internal governance capacity and reputation, lower industrial barriers, faster technological iteration, weaker regional market segmentation, and stronger property rights protection. Further analysis reveals that the coordinated construction of data trading and data opening platforms can generate a mutually reinforcing effect with policies such as the construction of national supercomputing centers and innovative cities. This paper not only provides empirical evidence for deepening the market-oriented reform of data factors, but also offers policy implications for advancing the construction of digital technology innovation systems.