政府公共数据开放与企业风险承担  

Government Public Data Opening and Corporate Risk-Taking

作　　者：胥文帅 彭剑飞 尹亚华 段康 Xu Wen-shuai;Peng Jian-feil;Yin Ya-hua;Duan Kang(Shanghai University of Finance and Economics,Shanghai 200433;Chongqing Normal University,Chongqing 401331;Yunnan University of Finance and Economics,Kunming 671099,China)

机构地区：[1]上海财经大学会计学院,上海每200433 [2]重庆师范大学经济与管理学院,重庆401331 [3]云南财经大学会计学院,云南昆明671099

出　　处：《当代财经》2025年第3期142-153,共12页Contemporary Finance and Economics

基　　金：国家自然科学基金项目“地方政府融资平台债务风险的动态识别及市场化转型发展研究”(72462033);中央高校基本科研业务费专项资金上海财经大学研究生创新基金项目“气候变化风险与企业金融资产配置”(CXJJ-2023-307)。

摘　　要：政府公共数据开放可以促进数据流通与共享、提升数字产业竞争力和优化数字经济发展环境。利用2007—2023年A股上市公司的数据,研究了政府公共数据开放对企业风险承担水平的影响。研究发现,政府公共数据开放可以提高企业的风险承担水平,且政府公共数据开放质量越高,越有助于提高企业的风险承担水平。机制研究表明,政府公共数据开放可以优化企业的治理机制、缓解企业的融资约束和拓展企业的实体投资空间,因而政府公共数据开放可以提高企业的风险承担水平。异质性研究表明,在数字化转型程度高、分析师跟踪少以及信息披露质量低的企业中,政府公共数据开放对企业风险承担水平的提高作用更明显。为此,要完善公共数据开放的机制体制和提高政府公共数据开放的质量。Government public data opening is a crucial initiative for advancing da ta circulation and sharing,strengthening the competitiveness of the digital industry,and fostering the ecosystem for digital economic growth.Using the data from A-share listed companies from 2007 to 2023,this paper studies the impact of government public data opening on corporate risk-taking.The findings suggest that government public data opening can increase corporate risk-taking levels,with the effect being more pronounced when the quality of data opening is higher.The mechanism analysis reveals that government public data opening can optimize the governance mechanism of enterprises,alleviate financing constraints,and expand the physical investment space of enterprises.Therefore,government public data opening can improve the risk-taking level of enterprises.The heterogeneity analysis demonstrates that the effect of government public data opening on corporate risk-taking is especially pronounced in the enterprises with higher levels of digital transformation,limited analyst coverage,and lower information disclosure quality.Therefore,it is essential to improve the public data opening system and enhance the quality of government data opening.

关 键 词：政府公共数据开放 企业风险承担 公司治理 融资约束 实体投资空间 

分 类 号：F272.2[经济管理—企业管理]