摘要
政府数据要素共享既是实现数字政府目标的可行路径,也为数字技术应用与创新以推动数字经济发展提供基础公共生产要素。本文以债券投资者行为反应为落脚点,从市场定价和风险防范角度考察了政府数据要素共享的微观经济后果。研究结果表明,以公共数据开放平台上线为具体抓手的政府数据要素共享,能够显著降低企业债券信用利差,发挥降低实体经济成本的作用。公共数据开放平台通过信息机制发挥作用,表现为降低了发债主体和债券投资者之间的信息不对称,提升了信息透明度;公共数据开放平台通过信用机制发挥作用,表现为发债主体利用公共数据开放平台提供的数据后,增强了投资效率和未来现金流获取能力,提高了盈利能力,降低了信用风险。截面异质性检验发现,前述降本效应在非国有企业和市场地位较高的企业中更为明显,外部数字基础设施建设完备度提升能够强化该效应。研究结论对于认识和理解政府公共数据在防范金融风险、促进债券市场定价效率提升中所起的作用具有参考价值和启示意义。
Government data sharing serves as both a viable pathway to achieving the goals of a digital government and a foundational public production factor that enables the application and innovation of digital technologies to drive the development of the digital economy.This paper examines the microeconomic consequences of government data shar-ing from the perspectives of market pricing and risk prevention,focusing on bond investors'behavioral responses.Re-search findings indicate that government data sharing,facilitated through the launch of public data open platforms,can significantly reduce corporate bond credit spreads and help lower costs for the real economy.The public data open platform functions through information mechanisms,reducing information asymmetry between bond issuers and inves-tors while enhancing transparency.The public data open platform functions through a credit mechanism,manifested as bond issuers utilizing data provided by the platform to enhance investment efficiency and future cash flow acquisition capabilities,thereby improving profitability and reducing credit risk.Cross-sectional heterogeneity tests reveal that the aforementioned cost-reduction effects are more pronounced among non-state-owned enterprises and firms with higher market positions,and that improvements in the completeness of external digital infrastructure construction can amplify this effect.The research findings provide valuable insights and implications for understanding the role of government public data in mitigating financial risks and enhancing pricing efficiency in the bond market.
作者
王志妤
邹梦婷
孟祥瑜
杨志豪
Wang Zhiyu;Zou Mengting;Meng Xiangyu;Yang Zhihao(School of Economics,Wuhan University of Technology,Wuhan 430072,Hubei,China;School of Business,China University of Political Science and Law,Beijing 100085,China)
出处
《金融发展研究》
北大核心
2025年第9期43-52,共10页
Journal Of Financial Development Research
基金
教育部人文社会科学研究规划基金项目“智能制造赋能企业资源配置和成果共享的效应及机制路径研究”(23A10486012)。
