摘要
本文采用2009—2022年民营上市企业面板数据,通过构建多期双重差分模型,系统考察了公共数据开放对民营企业融资约束的缓解效应及其内在作用机制。实证研究表明:公共数据开放有效缓解了民营企业融资约束,并且这一研究结论在经过多重稳健性检验后仍然成立;进一步的机制分析揭示,公共数据开放主要通过降低信息不对称、提升企业绩效和改善生产效率三个渠道,缓解民营企业融资约束;公共数据开放对民营企业融资约束的缓解作用在高新技术行业、经济发展水平较高的地区及数字化转型程度高的企业中更为显著。本文为地方政府推动数据要素市场化改革、优化民营企业融资环境以及促进民营经济高质量发展提供了一定的政策参考和经验启示。
This study utilizes panel data from privately listed enterprises in China spanning 2009 to 2022.Em⁃ploying a multi-period difference-in-differences(DID)model,it systematically examines the alleviating effect of public data openness on financing constraints faced by private enterprises and investigates the underlying mecha⁃nisms.The empirical findings reveal:First,public data openness significantly alleviates financing constraints for private enterprises,a conclusion that remains robust after multiple rigorous tests.Second,further mechanism anal⁃ysis demonstrates that public data openness primarily mitigates financing constraints through three channels in⁃cluding reducing information asymmetry,enhancing corporate performance,and improving production efficiency.Third,the mitigating effect of public data openness on financing constraints is more pronounced among high-tech industries,enterprises located in regions with higher levels of economic development,and firms exhibiting greater digital transformation.This paper provides policy references and practical insights for local governments to ad⁃vance data element marketization reforms,optimize the financing environment for private enterprises,and promote high-quality development of the private economy.
作者
王桂虎
赵依雯
苏占才
Wang Guihu;Zhao Yiwen;Su Zhancai
出处
《西南金融》
北大核心
2025年第7期3-15,共13页
Southwest Finance
基金
国家社科基金后期资助项目“宏微观视角下中国非金融企业杠杆率与周期演变研究”(项目编号:22FILB034)
河南省软科学研究计划项目(项目编号:252400410563)
河南省高等学校哲学社会科学创新人才支持计划(项目编号:2024-CXRC-15)的资助。
关键词
数据要素
公共数据
数据开放
民营企业
融资约束
信息不对称
数字化转型
民营经济
data elements
public data
data openness
private enterprises
financing constraints
information asymmetry
digital transformation
private economy
