数据要素赋能企业投资研究OACHSSCD

Based on the panel data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2023,this article analyzed the impact of public data opening on enterprise investment.The research finds that:(1)The opening of public data can effectively stimulate enterprises to expand their investment scale.This effect is more significant in enterprises with lower financing constraints,those located in highly competitive in-dustries,and those in provinces with greater fiscal expenditure.(2)Business environment,enterprise digital transformation and enterprise operation efficiency play an intermediary role in the process of public data open-ing promoting the increase of enterprise investment;The stronger an enterprise's data management capabilities are,the greater the enabling effect of public data openness on the enterprise's investment level will be.(3)Further research has revealed that the openness of public data helps to guide the physicalization of enterprise investment structures and prompts enterprises to expand their business scale.This paper provides enlightenment on how to better release the dividend of data elements and promote the further development and improvement of government public data opening under the background of digital economy.