As an important part of the national unified market，the data factor market （DFM） plays a key role in unleashing the potential of data factors and stimulating innovation vitality of enterprises. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2013 to 2022，this paper uses a staggered difference-in-differences （DID） model to study the impact and mechanism of DFM on enterprise innovation. Our results show that DFM can significantly promote enterprise innovation. Mechanism analysis indicates that DFM fosters enterprise innovation by reducing R&D uncertainty，promoting digital transformation，and improving management efficiency. Moreover，heterogeneous analysis shows that DFM exerts a more pronounced innovation-stimulating effect on highly competitive industries and digital economy sectors. In addition，DFM has a significant promotion effect on both digital and non-digital technology innovation of enterprises，but the promotion effect on digital technology innovation is more pronounced. Our analysis provides a useful reference for the government to improve the market-oriented allocation of data factors and foster enterprise innovation.