政府数据开放与企业现金持有：来自中国准自然实验的证据

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2024-10-28 DOI:10.1016/j.eap.2024.10.043

Huilong Liu , Jing Xie , Yanning Yang

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引用次数: 0

摘要

我们研究了政府数据开放是否会减少企业现金持有量。通过在中国建立城市级政府数据开放平台这一准自然实验，我们发现政府数据开放会显著减少企业的现金持有量。在企业不确定性较高、企业财务约束较强、企业为非国有企业、企业在内部市场交易较少以及地区替代信息来源较少的情况下，这种效应更为明显。总体而言，我们的证据表明，政府数据开放降低了环境的不确定性和企业的预防性现金持有量。

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Government data opening and corporate cash holdings: Evidence from a quasi-natural experiment in China

We investigate whether government data opening reduces corporate cash holdings. Using the establishment of city-level open government data platforms in China as a quasi-natural experiment, we find that government data opening significantly reduces firms’ cash holdings. The effect is more pronounced when firm uncertainty is higher, when firms are more financially constrained, when firms are non-state-owned, when firms trade less in the internal market, and when there are fewer alternative information sources in a region. Overall, our evidence suggests that government data opening reduces environmental uncertainty and firms’ precautionary cash holdings.

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.