The impact of government data accessibility on cross-regional venture capital investments

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-10-24 DOI:10.1016/j.frl.2024.106350

Qi Lin , Xiaoyang Zhao , Weihang Hong

引用次数: 0

Abstract

This study examines the association between government data accessibility and venture capital (VC)'s cross-regional investments. Exploiting the staggered establishment of government data open platforms (GDOPs) across different cities in China as a positive shock to government data accessibility, we find that this policy significantly increases cross-regional VC investments in treatment cities relative to others. Furthermore, the positive impact is achieved through the reduction of information asymmetry, as the establishment of GDOPs attracts VC investments from greater geographical distances. Additionally, we find a more pronounced positive effect of GDOPs on promoting cross-regional VC investments in regions with higher terrain ruggedness and lower fiscal transparency. Overall, this study demonstrates that the government's informatization and transparency initiatives can positively influence financial markets by enhancing the cross-regional flow of financial capital.

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政府数据可获取性对跨地区风险投资的影响

本研究探讨了政府数据开放与风险投资（VC）跨区域投资之间的关联。利用中国不同城市交错建立政府数据开放平台（GDOPs）对政府数据可获取性的积极冲击，我们发现，相对于其他城市，这一政策显著增加了对处理城市的跨区域风险投资。此外，这种积极影响是通过减少信息不对称实现的，因为 GDOP 的建立吸引了来自更远地域的风险投资。此外，我们还发现，在地形崎岖程度较高、财政透明度较低的地区，GDOP 对促进跨地区风险投资的积极影响更为明显。总之，本研究表明，政府的信息化和透明化举措可以通过促进金融资本的跨区域流动对金融市场产生积极影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance