公共数据资源与企业全要素生产率——基于地方政府数据开放的准自然实验  

Public data resources and total factor productivity of enterprises——A quasi-natural experiment based on local government data opening

作　　者：吴武清[1] 李祁恒 章柳漪 赵越[1,2] WU Wuqing;LI Qiheng;ZHANG Liuyi;ZHAO Yue(School of Business,Remin University of China,Beijing 100872,China;School of Accounting,Singapore Management University,Singapore 178900,Singapore)

机构地区：[1]中国人民大学商学院,北京100872 [2]新加坡管理大学会计学院,新加坡178900

出　　处：《系统工程理论与实践》2024年第6期1815-1833,共19页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(72374201,71871216)。

摘　　要：政府开放公共数据资源是其推动数据要素价值释放的重大战略举措.然而,开放的公共数据资源是否被社会公众所利用从而释放数据要素价值仍是一个有待检验的实证问题.为此,本文基于企业高质量发展视角,研究开放的公共数据资源与企业全要素生产率的关系,以反映公共数据资源作为促进企业高质量发展动力方面的价值.以2010年至2019年A股上市公司为样本,以地方政府数据开放平台上线为准自然实验,使用多期双重差分模型,本文发现,与没有位于数据开放省份的企业相比,位于数据开放省份的企业在数据开放后其全要素生产率更高,表明开放的公共数据资源具有提高企业全要素生产率的价值.该回归结果在经过平行趋势检验、安慰剂检验、替换变量衡量方法、加入滞后项等稳健性测试后仍然成立.机制检验发现,管理层对公共数据资源需求更大、数据资源处理能力更强的企业,或者外部利益相关者监督企业所需公共数据资源更多的企业,主回归效应更显著,表明企业全要素生产率的提升是由于信息处理成本的下降进而促进企业内外部利益相关者对公共数据资源的使用.进一步研究发现,开放公共数据资源降低了企业的经营费用、盈余管理和融资约束.本文丰富了公共数据资源经济后果及其作用机制的相关研究,为政府数据开放实践提供了理论支撑,同时为数据资源价值提供了可靠的因果证据.The opening of public data is the government’s major strategic move to release the value of data factor.However,whether these data resources are used by the public to release their value needs to be empirically tested.Therefore,based on the perspective of high-quality development of firms,this paper examines the relation between open public data and firms’total factor productivity so as to reflect the value of public data resources in driving force of promoting firms’high-quality development.Taking A-share listed firms from 2010 to 2019 as samples,using a natural experiment based on the launch of the local government data platform,and utilizing the staggered difference-in-differences model,this paper finds that as compared with their counterparts,firms located in provinces with their public data open have higher total factor productivity after the launch of public data platform,indicating that open public data resources can realize their value by promoting firms total factor productivity.The result holds after a variety of robustness tests.Mechanism tests reveal that the main regression effect is more pronounced for firms with managers’greater demand for public data resources or stronger data processing capacity,or for firms with greater demand for public data resources to supervise firms.These results indicate that the promotion of total factor productivity is due to the decrease of information processing cost,which promotes the use of public data resources by internal and external stakeholders of firms.Further analyses show that the open public data reduce the operating expenses,earnings management and financing constraints of firms.This paper enriches the relevant researches on the economic consequence of public data resources and its mechanisms,provides theoretical support for the practice of open government data,and provides reliable causal evidence for the value of data resources.

关 键 词：公共数据资源 全要素生产率 政府数据开放 数据要素 高质量发展 

分 类 号：F270[经济管理—企业管理]