How does government data openness affect cross-regional capital flow? Evidence from Chinese-listed firms’ off-site investment

IF 4.7 2区 经济学 Q1 ECONOMICS
Yongguang Long , Xiaoru Zhang , Long Wang
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Abstract

Transaction cost theory posits that information is a key factor in facilitating enterprise decision-making, yet its validity in the digital age remains to be tested. China's government data openness provides an opportunity to do so. This study examines the impact of government data openness on cross-regional capital flows using data from Chinese-listed companies between 2009 and 2022. We find that government data openness significantly facilitates cross-regional capital flows, with effects particularly pronounced for labor-intensive firms, firms with stronger governance capacity, and those with weaker government–business ties. Mechanism analysis shows that open government data promote capital movement by improving the external business environment and reducing institutional transaction costs. Further, we find that higher-quality data openness and greater local government fiscal transparency amplify these positive effects on cross-regional capital flows.
政府数据开放如何影响跨区域资本流动?证据来自中国上市公司的境外投资
交易成本理论认为信息是促进企业决策的关键因素,但其在数字时代的有效性有待检验。中国政府数据的开放提供了一个这样做的机会。本文利用2009年至2022年中国上市公司的数据,考察了政府数据开放对跨区域资本流动的影响。我们发现,政府数据开放显著促进了跨区域资本流动,对劳动密集型企业、治理能力较强的企业和政商关系较弱的企业的影响尤为明显。机制分析表明,政府开放数据通过改善外部营商环境和降低制度性交易成本来促进资本流动。此外,我们发现更高质量的数据开放和更高的地方政府财政透明度放大了这些对跨区域资本流动的积极影响。
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
Economic Modelling
Economic Modelling ECONOMICS-
CiteScore
8.00
自引率
10.60%
发文量
295
期刊介绍: Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.
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