公共数据开放能否拓展资本跨区域流动距离——基于异地并购视角

Does Public Data Accessibility Influence the Geographic Distance of Cross-Regional Capital Flows:Evidence from Inter-Regional M&As

公共数据作为数字经济时代重要的基础性战略性资源,为政府引导市场需求、优化资本空间配置提供了全新的解题思路。本文聚焦于城市公共数据开放平台的上线这一政策冲击,通过网络爬虫技术与大语言模型对公共数据集信息进行归集和分类,以异地并购地理距离刻画国内资本空间配置的动态特征,考察了公共数据开放对资本跨区域流动的赋能作用。研究发现,标的企业所在城市公共数据开放显著拓展了资本跨区域流动距离,表现为异地并购交易双方地理距离的增加。机制分析发现,公共数据开放通过优化地区信息环境和改善地方政府治理,有效降低了企业异地投资的信息成本与制度成本;同时,公共数据开放有助于强化当地禀赋优势,提升企业预期收益。在多重机制共同作用下,地区吸引力不断增强,最终促进远距离资本流入。进一步发现,在标的企业地区数字基础设施发展较为落后、交易双方地区数字基础设施差异较大的样本中,公共数据开放对远距离资本跨区域流动的推动作用更大,表明公共数据开放有利于弥合地区间“数字鸿沟”。本文研究结论为数字经济时代全国统一大市场建设提供了全新的可行路径参考,对于异地投资场景驱动下释放公共数据资源价值具有重要的启示意义。

As a key form of domestic capital circulation,inter-regional capital flows play a crucial role in optimizing resource allocation,achieving market integration,and promoting coordinated regional economic development.In the face of new challenges to capital market integration,how to help firms overcome barriers to inter-regional investment and facilitate the efficient allocation of capital has become a focal issue.Within the framework of government digital transformation,examining how to harness public data resources to guide and empower cross-regional capital flows is of significant theoretical and practical importance.Using the launch of public data platforms by local governments as a quasi-natural experiment,this paper explores the enabling effect of public data accessibility on crossregional capital flows.This paper finds that improved public data accessibility in the city where target firms are located significantly expands the geographic range of capital flows,as evidenced by increased distances between the parties involved in inter-regional mergers and acquisitions(M&As).The mechanism analysis reveals that public data accessibility significantly lowers investment costs by optimizing the regional information environment and improving local government governance.Additionally,public data accessibility helps enhance local endowment advantages,thus boosting firms’expected returns.Under the influence of these mechanisms,potential investment gains become a key motivator for firms to undertake distant cross-regional M&A activities.In the mechanism of optimizing the regional information environment,this paper emphasizes that public data resources can only be transformed into valuable information when they are interpreted and utilized.The enabling effect of public data accessibility becomes more significant when the volume of public data is larger,access cost is lower,data update is timelier,and the topic of data is more closely aligned with the firm’s production and operational decisions.Moreover,public data accessibility plays a particularly critical role in interregional M&A scenarios characterized by higher information asymmetry.In the mechanism of improving local government governance,this paper highlights the motivation of buyer firms to seek policy stability and external business environment support.Our findings show that public data accessibility in the city where target firms are located significantly reduces local firms’perceptions of policy uncertainty and enhances the local business environment.In the mechanism of enhancing regional resource endowments,this paper finds that public data accessibility can offset the disadvantages of traditional natural resources and strengthen innovative ability,thereby continuously increasing its attractiveness to distant firms.Moreover,when the digital infrastructure in the city where target firms are located is relatively underdeveloped and there exists a significant gap in digital infrastructure between the cities of the transacting parties,public data accessibility shows a more pronounced facilitative effect on the cross-regional distant capital flows.This suggests that public data accessibility can play a vital role in bridging the“digital divide”between cities.The conclusions of this paper offer a novel and practical reference for building a unified national market in the digital economy era,providing key insights into unlocking the value of public data resources in cross-regional investment scenarios.Local governments are encouraged to further improve public data accessibility by offering high-value datasets,thereby fully leveraging the enabling role of public data resources in promoting the construction of a unified national market.