Research on Data Elements Empowering Corporate Investment Efficiency——On a Quasi-natural Experiment of Government Data Platform Access
This paper takes the initiation of government data opening platforms by local governments as a quasi-natural ex-periment 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 analy-sis reveals that this improvement in investment efficiency is primarily achieved by mitigating agency conflicts,lowering institu-tional 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 invest-ment 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.
Public Data AccessInvestment EfficiencyDigital EconomyData FactorDigital Government