【摘要】 2022年我国提出要完善数据基础制度、释放公共数据价值。本文基于资本市场反馈机制，考察地方政府公共数据平台建设对企业投资决策的影响、机制与经济后果。研究发现，公共数据开放能够促进投资者私有信息生产、提高股价信息含量，并通过资本市场的信息反馈功能提高企业投资-股价敏感性，最终提升公司长期价值。分组回归表明，在信息环境较弱、反馈机制较强的企业中，上述效应更为明显。进一步分析发现，公共服务、社会民生、经济与资源环境类数据均能提升企业投资效率；数据质量越高，提升作用越强。本文为理解公共数据开放对实体经济的微观影响提供了新证据，也为激发数据要素活力、推动经济高质量发展提供了来自资本市场视角的启示。更多还原

【Abstract】 Data, as a new factor of production, underpins digitalization, networking, and intelligent transformation. It has rapidly integrated into all facets of production, distribution, circulation, consumption, and social service management, profoundly reshaping how a nation produces, lives, and governs. To better leverage the value of public data, Chinese local governments have launched data openness platforms, piloting centralized and standardized provision of public data resources. Since 2012, these platforms have been progressively established, aggregating vast amounts of data from government and societal entities. By the end of 2022, 208 public data platforms had been launched, covering 23 provinces(excluding municipalities directly under the central government). A critical question remains: can—and how does—public data openness help market entities improve decision-making efficiency? Clarifying this is essential to unlocking the potential of public data in China.Using Chinese A-share listed firms from 2007 to 2022 as the sample, the paper employs provincial public data openness as a quasi-natural experiment and finds that such openness enhances firms’ investment-price sensitivity. Mechanism analyses show that public data openness increases the idiosyncratic information content in stock prices by boosting analyst coverage and institutional investor research, thereby strengthening market feedback effects. Consistent with the “feedback effect” literature, the positive impact of public data openness on investment efficiency is more pronounced among firms with poorer ex-ante information environments(e.g., lower turnover, less informed trading) and stronger feedback channels(e.g., lower financing constraints, less insider information). Furthermore, heterogeneous effects are observed under types of data opened: when the data is more relevant to business operations, the enhancement effect is stronger, and the higher the quality of the data, the greater its role in improving investment efficiency. Finally, the study confirms that public data openness, as a policy tool, improves listed firms’ profitability and long-term value through information feedback of the capital market.This paper makes three contributions. First, it reveals an indirect mechanism through which public data affects corporate decisions via capital market feedback, offering a new perspective on how data openness improves investment efficiency and extending the literature on public data and investment decisions. Existing studies have mainly focused on the direct effects of data openness on investment levels. Few examine investment efficiency, and those that do overlook the role of capital markets. By opening this “black box, ” this study provides a new theoretical lens for understanding how public data openness optimizes resource allocation.Second, leveraging China’s staggered public data platform launches as a quasi-natural experiment, this study provides empirical evidence that public data openness increases the private information content in stock prices in the A-share market. Theoretically, expanding public information supply may either “crowd in” or “crowd out” private information production(Goldstein & Yang, 2017), yet empirical evidence remains limited. This paper offers timely empirical insights from a unique institutional setting.Third, the findings offer a capital-market-based perspective for evaluating the comprehensive effects of government information disclosure policies. The findings highlight the importance of considering both direct and indirect(capital market) effects when designing and evaluating public policies. This research suggests that public data openness not only has direct effects but also significantly shapes corporate behavior through information channels. This highlights the need for policymakers to adopt a more comprehensive approach that accounts for both direct policy impacts and indirect transmission through capital markets, thereby enabling a more accurate and complete understanding of policy outcomes.更多还原