Abstract: How to release the value of data has become a hot topic in the current digital economy theory and practice. Exploring the innovation path of data transaction mode under the threshold of supply chain can provide reference for enterprises to optimise the data transaction mode and achieve sustainable development. This study takes Zhejiang Big Data Exchange Centre as an example, adopts the grounded theory research method, uses Nvivo 12 software to qualitatively code the interview text, refines the influencing factors of data transaction mode innovation, and constructs a theoretical model of data transaction mode accordingly. Based on this model, a theoretical hypothesis is proposed, the perception information of data trading practitioners is collected by questionnaire survey, and the structural equation model is used for empirical analysis, so as to further explore the correlation between various factors. The research shows that internal support, internal and external interactions can directly and positively influence upstream data acquisition, midstream processing and downstream data transaction. The external environment directly and positively influences upstream data acquisition, midstream processing, and does not have a positive effect on downstream data transaction.