【摘要】 公共数据开放是推动数字政府建设和实现数据要素价值的重要举措，如何赋能实体经济发展广受关注。以2009—2023年A股上市公司为研究对象，分析公共数据开放的融资价值。实证研究发现，公共数据开放提升了企业信贷可得性。动态效应分析、安慰剂检验、工具变量检验等一系列稳健性检验均支持这一结论。机制检验表明，公共数据开放有助于降低银企间信息不对称和防范企业经营风险，从而提高企业信贷融资规模。异质性分析发现，当企业为非国有企业、规模较小、内外部信息环境较差、数字化水平较高以及所在地区为东部地区时，公共数据开放对企业信贷可得性的提升效应更为明显。进一步研究发现，公共数据开放能够降低企业信贷融资成本、延长信贷期限结构、提高信贷配置效率，此外还会降低企业的现金持有水平，促进企业的长期投资。更多还原

【Abstract】 Public data opening is a significant initiative for promoting the construction of digital government and unlocking the value of data elements. Its potential to empower the development of the real economy has gained considerable attention. By using A-share listed companies from 2009 to 2023 as research objects, the article analyzes the financing value of public data opening. Empirical research indicates that public data openingimproves corporate credit accessibility, and the conclusion is supported by a series of robustness checks, including dynamic effect analysis, placebo test, and instrumental variable test. Mechanism test shows that public data opening helps to reduce information asymmetry between banks and enterprises, and mitigatecorporate operational risks, thereby increasing corporate credit financing scale. Heterogeneity analysis reveals that the positive impact of public data opening on credit accessibility is more pronounced in non-state-owned enterprises, smaller firms, those with poor internal and external environments, higher levels of digitization, and enterprises located in eastern regions. Further investigation demonstrates that public data opening can lower corporate credit financing costs, extend term structure of credits, and improve credit allocation efficiency. Besides, it reduces cash holdings of firms and promotes enterprise long-term investments.更多还原