数据要素如何影响企业绩效: 来自中国公共数据开放的准实验证据

How do data elements affect firm performance: quasi-experimental evidence from public data openness in China

摘要:

公共数据开放作为数字政府建设与要素市场化改革的关键工具，其对微观企业行为的经济影响仍缺乏系统实证评估。本文以2009—2023年中国A股上市公司为研究对象，结合城市层面公共数据开放试点信息，构建多时点双重差分（DID）模型，深入识别公共数据开放对企业绩效的因果效应及其内在机制。基准研究表明，公共数据开放对企业绩效产生显著的正向促进作用。该结论在经历平行趋势检验、安慰剂检验、PSM-DID估计及排除同期政策干扰等系列稳健性检验后依然成立。机制分析揭示，政策通过两条核心路径赋能微观主体：一是发挥信号传递功能，降低信贷市场信息不对称，有效缓解企业融资约束；二是提供低成本知识储备，降低研发试错成本，显著促进企业创新产出。异质性分析发现，由于区域基础设施与企业吸收能力的差异，公共数据开放对东部地区企业、小规模企业、非国有企业及非高技术企业的绩效提升作用更为显著。本文不仅拓宽了数据要素微观经济效应的研究视角，也为政府深化企业数据应用、提升供给质量、缩小数字鸿沟并推动公共数据高效利用提供了实证依据与政策启示。

Abstract:

As a pivotal institutional tool for digital government construction and the market-oriented reform of production factors, the economic impact of public data openness on micro-level corporate behavior is systematically evaluated. Based on a sample of Chinese A-share listed companies from 2009 to 2023, the causal effect of public data openness on corporate performance and its underlying mechanisms are identified by employing a multi-period difference-in-differences (DID) model integrated with city-level pilot information.A significant positive effect of public data openness on corporate performance is revealed through benchmark regression. The reliability of this conclusion is confirmed by a series of robustness tests, including parallel trend tests, placebo tests, PSM-DID estimation, and the exclusion of contemporaneous policy interferences such as the "Broadband China" strategy and National Big Data Comprehensive Pilot Zones.Mechanism analysis indicates that corporate performance is enhanced through two primary transmission pathways: the alleviation of financing constraints and the promotion of corporate innovation. By serving as an authoritative signaling mechanism, public data openness reduces information asymmetry in credit markets and lowers credit acquisition costs. Simultaneously, it provides low-cost knowledge reserves that reduce R&D trial-and-error costs and stimulate patent output.Heterogeneity analysis further demonstrates that the performance-enhancing effects are more pronounced among enterprises in eastern regions, small-scale enterprises, non-state-owned enterprises, and non-high-tech firms. These findings provide empirical evidence and policy orientation for optimizing public data supply quality, mitigating the digital divide, and fostering the efficient utilization of data elements.