Abstract: As a novel production factor, data has a multiplier effect on economic development, significantly enhancing the innovation capabilities of logistics enterprises. This study focuses on logistics companies listed on China’s Shanghai and Shenzhen A-shares from 2011 to 2022 and explores the impact of data factor inputs on their innovation capability using econometric regression analysis. The findings reveal that data factor inputs substantially promote the innovation capabilities of logistics enterprises, and this conclusion remains robust across a series of robustness tests. Furthermore, this study finds that traditional fixed asset investment has a negative moderating effect on this process, whereas digital fixed assets and executives' overseas experience have positive moderating effects. The heterogeneity analysis shows that differences in ownership structure, company size, financial constraints, and regional location lead to varying impacts of data factor inputs on innovation capabilities. Based on these findings, this paper provides policy recommendations from four perspectives.