Abstract: Against the backdrop of data elements' increasingly prominent strategic value and the diminishing returns of single-dimensional inputs, the complementary synergy between data and traditional production factors has become critical for firms to break path dependency and stimulate innovation. Based on a sample of A-share listed companies from 2013 to 2024, this study employs the Coupling Coordination Degree (CCD) model to measure the level of data factor synergy and empirically examines its impact on corporate disruptive technological innovation. The findings are as follows: ① Data factor synergy significantly promotes disruptive technological innovation, and this effect is more pronounced in firms with a higher share of non-routine high-skilled labor, non-digital executive backgrounds, lower government-enterprise connectivity, and traditional industries. ② Drawing on resource orchestration theory, the underlying mechanisms include accelerating data factor penetration, enhancing knowledge diversification, and improving the novelty of resource allocation. ③ Data factor synergy enhances trade credit financing and firm value by promoting disruptive technological innovation, yet simultaneously exacerbates stock price crash risk. ④ While the synergy drives both disruptive and incremental innovation, it reduces the share of disruptive innovation, generating a structural dilution effect. This study offers important implications for firms seeking to optimize factor allocation, leverage data elements to achieve disruptive technological breakthroughs, and balance innovation risks with returns.

Key words: Data factor synergy, Corporate disruptive technological innovation, Data factor penetration, Knowledge diversification, Novelty of resource allocation