数据要素赋能企业投资效率研究——基于公共数据开放的准自然实验

Research on Data Elements Empowering Corporate Investment Efficiency--On a Quasi-natural Experiment of Government Data Platform Access

本文以地方政府开通政府数据开放平台作为公共数据开放的准自然实验,构建双重差分模型,考察公共数据开放如何影响企业投资效率。研究发现,政府公共数据开放有助于促进企业投资效率提升。机制检验表明,公共数据开放主要通过缓解代理问题、降低制度性交易成本、减少企业不确定性感知提升企业投资效率。异质性检验发现,公共数据开放对投资效率的正向影响在技术密集型、集团化程度低以及发展前景良好的企业中更为明显。此外,公共数据开放对企业投资效率的促进作用主要体现在缓解企业的投资不足问题。研究结论为政府引导企业利用数据要素提升投资效率、优化市场配置进而促进经济高质量发展提供有益启示。

This paper takes the initiation of government data opening platforms by local governments as a quasi-natural experiment and employs a DID model to explore the impact of public data disclosure on corporate investment efficiency.It finds that the accessibility of government public data notably enhances the efficiency of corporate investments.The mechanism analysis reveals that this improvement in investment efficiency is primarily achieved by mitigating agency conflicts,lowering institutional transaction costs,and reducing the perception of uncertainty among businesses.Further,heterogeneity analysis indicates that the beneficial effects of public data disclosure on investment efficiency are particularly significant in technology-intensive firms,non-group companies,and businesses with promising development prospects.Moreover,the facilitation of corporate investment efficiency via public data disclosure is mainly manifested in addressing the challenges of under-investment in companies.The study's conclusions offer valuable insights for guiding businesses in leveraging data resources to boost investment efficiency and optimize market allocation,thereby fostering high-quality economic development.