公共数据开放、企业异质性与信息披露的"分流治理"效应OACHSSCD

Public data openness is an institutional innovation in data factor allocation.Using the phased launch of local platforms as a quasi-natural experiment,this study examines its heterogeneous impact on corporate disclosure from the perspectives of accounting conservatism and annual report risk disclo-sure.The results reveal a"divergent governance effect":it enhances accounting conservatism while re-ducing redundant risk descriptions.For firms with low analyst attention and weak internal controls,the policy plays a"supervisory reinforcement"role;for those with high analyst attention and sound in-ternal controls,it exerts an"information optimization"effect.The former stems from reduced analyst divergence and increased media attention,while the latter arises from digital transformation and im-proved operational efficiency.Market competition strengthens the"supervisory reinforcement"effect,and audit quality complements public data openness.This study provides evidence for differentiated regulation.