公共数据开放与企业风险承担——基于公共数据开放平台上线的准自然实验

Public Data Openness and Corporate Risk-Taking —A Quasi-Natural Experiment Based on the Launch of Public Data Platforms

中文关键词:  公共数据开放  企业风险承担  营运能力  创新水平  高管股权激励

英文关键词:public data openness  corporate risk-taking  operational capability  innovation level  executive equity incentive

中文摘要:

      作为释放数据要素价值的重大举措,公共数据开放向企业提供了重要的数据支持和信息参考,其对企业经营行为的影响值得关注。基于2011—2023年中国沪深A股上市公司数据,以各省份上线公共数据开放平台为准自然实验,采用多期双重差分模型,实证检验了公共数据开放对企业风险承担的影响及作用机制。研究发现,公共数据开放能够提升企业风险承担水平,且通过增强营运能力和提高创新水平提升了企业风险承担水平；高管股权激励会强化公共数据开放对企业风险承担水平的提升作用；异质性分析结果表明,公共数据开放对企业风险承担水平的提升作用仅在非国有企业、信息透明度和数字化转型程度较低的企业显著。因此,政府应该进一步推进公共数据开放,同时根据企业产权性质、信息透明度和数字化转型程度等特征差异分类施策,鼓励和引导企业挖掘公共数据价值,提升企业风险承担水平,助力企业实现高质量发展。

英文摘要:

      As a pivotal initiative for unlocking the value of data elements, public data openness offers enterprises critical data support and informational references, making its impact on corporate operational behavior worthy of in-depth examination. Using the data from China's A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2023 and leveraging the launch of provincial public data platforms as a quasi-natural experiment, this study employs a multi-period difference-in-differences (DID) model to empirically examine the impact of public data openness on corporate risk-taking and its underlying mechanisms. The findings reveal that public data openness significantly enhances corporate risk-taking levels, with the effect mediated through strengthening operational capabilities and improving innovation levels, and executive equity incentives are found to amplify the beneficial effects of public data openness on corporate risk-taking. Heterogeneity analysis shows that the effect of public data openness on enhancing corporate risk-taking levels is more pronounced in non-state-owned enterprises and enterprises with lower levels of information transparency or digital transformation. Therefore, the government should promote public data openness while tailoring policies according to enterprise characteristics such as ownership type, information transparency, and digitalization levels to encourage and guide enterprises to leverage the value of public data, thereby enhancing corporate risk-taking levels and driving high-quality development of enterprises and the economy. 