政府数据开放与资本区际流动:企业异地投资视角

Open Government Data and Interregional Capital Flows:The Perspective of Firm's Cross-regional Investment

资本区际有序自由流动是区域协调发展的前提,但制度性的政府行为严重制约着资本区际流动。那么旨在推进国家治理体系和治理能力现代化的政府数据开放能否促进资本区际有序自由流动呢?文章利用地方政府数据开放平台开通的准自然实验,从企业异地投资视角考察了目的地政府数据开放对资本区际流动的影响。研究发现:第一,企业在目的地政府数据开放平台开通后的子公司数量和注册资本均显著增加,表明政府数据开放能促进企业异地投资;第二,降低制度交易成本是重要作用机制,体现在企业主要是向比所在地市场化进程更慢、政府干预程度更强、经济政策不确定性更高的目的地增加投资,且异地投资造成的边际税费负担和非生产性成本显著减少;第三,非国有产权、较强融资约束、较少异地投资经验会增强政府数据开放对企业异地投资的促进作用;第四,政府数据开放质量越高、数据质量越高、平台越完善以及政策保障越强时企业异地投资越多。以上结果意味着发展较差地区高质量开放政府数据有助于吸引更多发展较好地区的资本流入,这为促进资本区际有序自由流动以实现区域协调发展提供了重要决策启示。

As a basic production factor in the socialist market economy,whether capital can flow freely and orderly between regions is a prerequisite for achieving the goal of coordinated regional development.However,institutional government behavior may increase the institutional transaction costs of investment entities in adapting to institutional rules and dealing with administrative intervention and low policy efficiency,thereby restricting the orderly and free flow of capital between regions.Therefore,it is important to promote the modernization of the national governance system and capacity to reduce the negative impact of institutional government behavior and then give full play to the decisive role of the market in the allocation of capital factors.Open government data is an important measure to promote the modernization of the national governance system and capacity.It not only helps to enhance the efficiency of digital government but also helps to innovate social governance processes and methods.Open government data refers to the free and non-discriminatory provision of original government data by government functional departments to the public in the process of performing public duties.Unlike government information disclosure based on the right to know,open government data emphasizes the public's right to use government data,or it can be considered a new type of public service provided by the government in the digital age.Most existing literature uses research methods in the public management literature,while only two articles discuss the impact of open government data on regional development differences and firms'total factor productivity in terms of economic impacts.According to the existing literature,open government data not only improves government transparency and enhances accountability mechanisms but also promotes public policy innovation through two-way interactive governance formed by the public's feedback.This means that open government data will not only motivate firms to have a more comprehensive understanding of local institutional rules;reduce unreasonable administrative intervention;and improve the implementation,continuity,and applicability of government policies but also,through public policy innovation,it can improve the quality of government services.Thus,open government data can reduce institutional transaction costs and promote interregional capital flows.This article takes A-share nonfinancial firms from 2007 to 2021 as a sample and uses the quasinatural experiment of local governments that have established open government data platforms to examine the impact of open government data on firms'cross-regional investment.The study finds that open government data in the destination government can reduce institutional transaction costs,thereby promoting firms'cross-regional investments.This is evidenced by the significant increase in the number and registered capital of subsidiaries after the destination government established an open government data platform,particularly in destinations with slower marketization processes,higher levels of government intervention,and greater economic policy uncertainty compared with their home locations.Moreover,open government data can alleviate the marginal tax burden and non-productive costs incurred by firms'cross-regional investment.Furthermore,the promotion effect of open government data is more pronounced in firms with non-state-owned property rights,stronger financing constraints,and less experience in cross-regional investments.In addition,more extensive cross-regional investments occur when the quality of open government data,data quality,platform construction,and policy support are higher.The contributions of this study are mainly reflected in the following aspects:first,open government data is an important measure to promote the transformation of government governance mode from a regulatory to a service-oriented model.Examining the impact of open government data on interregional capital flows can help deepen research on the determinants of interregional capital flows.Second,as a new type of public service,open government data does not stop at opening.Deepening the discussion on the impact of open government data on firms'cross-regional investment can help expand research on the economic impacts of macro-level open government data at the micro-enterprise level.Third,the conclusions reveal that the development of high-quality open government data in less developed regions can help attract more capital inflows from developed regions,providing important decision-making reference for promoting the orderly and free flow of interregional capital to achieve high-quality regional coordinated development strategy.