Open Government Data and Interregional Capital Flows:The Perspective of Firm's Cross-regional Investment
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 quasi-natural 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.
Open Government DataInterregional Capital FlowsCross-regional InvestmentInstitutional Transaction Costs
万方数据
维普
