政府数据开放、融资约束与企业绩效

Government Data Openness, Financing Constraints, and Corporate Performance

摘要: 在大数据时代，政府数据开放作为推动社会经济发展的重要举措，对企业绩效具有深远影响。本文以2010~2022年A股上市公司为研究样本，采用双重差分模型，实证检验政府数据开放对企业绩效的影响及其机制。研究发现，政府数据开放显著提升了企业绩效，表现为托宾Q值的显著提高。进一步分析表明，政府数据开放通过缓解企业融资约束，进而促进企业绩效提升，体现出“信息效应”与“治理效应”的双重作用。此外，政策效果存在区域异质性，东部地区政策效应显著，中西部地区则因基础设施与制度环境差异效应较弱。研究结论在替换被解释变量、剔除2020年样本数据及滞后一期检验中均保持稳健。本文为政府数据开放的微观经济效应提供了实证依据，并为政策优化与企业数据利用提供了实践启示。

Abstract: In the era of big data, government data openness serves as a significant measure for promoting socio-economic development and has a profound impact on corporate performance. Using A-share listed companies from 2010 to 2022 as the research sample, this paper empirically examines the impact of government data openness on corporate performance and its underlying mechanisms by employing a difference-in-differences model. The study finds that government data openness significantly enhances corporate performance, as evidenced by a notable increase in Tobin’s Q. Further analysis indicates that government data openness improves corporate performance by alleviating financing constraints, reflecting the dual effects of “information effect” and “governance effect”. Additionally, the policy effect exhibits regional heterogeneity, being significant in the eastern region but weaker in the central and western regions due to differences in infrastructure and institutional environment. The research conclusions remain robust across tests involving alternative explained variables, exclusion of the sample data in 2020, and one-period lagged treatment. This paper provides empirical evidence for the microeconomic effects of government data openness and offers practical insights for policy optimization and corporate data utilization.