摘要
公共数据是我国占比最大的数据资源,评估其开放共享对资本市场定价效率的影响,是探寻数据要素何以成为经济增长新动能的基础性问题。本文以我国各省份逐步上线公共数据开放平台为准自然实验,检验了公共数据开放对资本市场定价效率所产生的实际影响及其内在机理。研究发现,公共数据开放显著改善了资本市场定价效率,表现为公司股价同步性显著降低。促进投资者私有信息搜集和提升上市公司信息披露质量是上述关系的两条影响路径。公共数据开放对资本市场定价效率的积极影响在数据开放质量较高、企业数字化转型程度较低、散户规模较大以及地方政府信息透明度较高中更为显著。本文不仅为新时代我国数据要素驱动资本市场高质量发展提供了基于定价效率层面的经验证据,还对不断完善和优化我国地区层面公共数据开放以及逐步完善资本市场价格形成机制具有有益启示。
Public data constitutes the largest proportion of data resources in China.Evaluating its openness and sharing in relation to the pricing efficiency of the capital market is a fundamental issue in exploring how data elements can become a new driving force for economic growth.Exploring new drivers of economic growth has been a key task in China’s economic work in recent years.As the world’s largest producer of data,the data element market is the most likely field in China to nurture new drivers.The Central Economic Work Conference held in December 2023 systematically deployed the economic work for 2024,emphasizing the important role of the digital economy and data elements.On December 31,2023,the National Data Bureau and seventeen other departments jointly issued the“Three-Year Action Plan for‘Data Elements×’(2024-2026)”to promote the high-level application of data elements and leverage the multiplier effect of data elements.Currently,more than 80%of the relevant information and data resources in the public domain in China are controlled by various government departments.Therefore,gradually opening public data to society under the premise of ensuring national security should be the basic prerequisite for achieving data element-driven economic development.In view of this,to effectively encourage all social entities to fully develop and utilize government data resources to release the potential value contained in public data,China has actively promoted the gradual opening of public data in recent years.In this context,various regional departments are gradually building their own public data open platforms and using them as key tools to unlock the value of public data.Against this backdrop,whether and how the opening of public data will drive the high-quality development of the capital market has gradually become an important topic of common concern in society.Based on the aforementioned considerations,this study uses non-financial listed companies on the Shanghai and Shenzhen A-shares from 2007 to 2022 as the research sample.It leverages the exogenous shock of the phased launch of public data open platforms across various provinces,and systematically examines the specific impact and internal mechanisms of public data openness on capital market pricing efficiency through the construction of a multi-period difference-in-differences model,aiming to reveal the potential pathways and underlying logic of data elements enabling high-quality development of the capital market.The study finds that after the launch of the public data open platform in the enterprise’s region,stock price synchronicity significantly decreases,confirming the critical role of public data in improving capital market pricing efficiency.Mechanistic analysis reveals that the improvement in capital market pricing efficiency is attributed to market investors’private information collection and the enhancement of listed companies’information disclosure quality induced by public data openness.Heterogeneity analysis indicates that the positive impact of public data openness on capital market pricing efficiency is more significant in samples with higher data quality,lower degree of corporate digital transformation,larger individual investor base,and higher local government transparency.The contributions of this study are mainly reflected in the following three aspects:First,based on the actual construction of public data open platforms in various regions in recent years,this paper provides micro-level evidence of how data elements empower the high-quality development of the capital market,effectively enriching the literature on how the digital economy optimizes the price formation process in the capital market.Second,from the important perspective of pricing efficiency,which concerns the vital interests of small and medium investors and the healthy development of the capital market,this study enriches the relevant research literature on capital market pricing efficiency from the unique perspective of public data openness.It provides a new governance approach based on promoting the flow of elements to effectively improve pricing efficiency and promote the healthy development of the capital market in the current and future periods.Third,based on the important national strategy of Digital China in the new era,this study offers beneficial insights and positive references for gradually promoting and improving the legislation and practice of public data platforms.
作者
孙凡
孙泽宇
SUN Fan;SUN Ze-yu(School of Accounting,Shanxi University of Finance and Economics,Taiyuan,Shanxi,030031,China;Bay Area International Business School,Beijing Normal University,Zhuhai,Guangdong,519087,China)
出处
《经济管理》
北大核心
2025年第1期166-189,共24页
Business and Management Journal ( BMJ )
基金
国家自然科学基金面上项目“股票发行注册制改革、信息披露质量与资源分配效率”(72172116)。
关键词
数据要素
公共数据
资本市场定价效率
股价同步性
data element
public data
pricing efficiency of capital market
stock price synchronicity
