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This paper examines Shanghai and Shenzhen A-share listed companies from 2013 to 2022 to empirically test the impact of public data opening on firm investment efficiency through the application of a DID model. The main research conclusions are as follows. First, the benchmark model shows that public data opening significantly improves firm investment efficiency. This conclusion is confirmed through three robustness tests include the parallel trend test, alternative research methods, and replacing both explanatory and explained variables. Second, the mechanism analysis reveals that public data opening improves firm investment efficiency by affecting information asymmetry, credit availability, and internal governance. Third, the moderating effect analysis reveals that the nature of property rights, industry characteristics, and fiscal decentralization all significantly moderate the impact of public data opening on firm investment efficiency. Specifically, compared to state-owned enterprises, non-high-tech industries, and regions with lower fiscal decentralization, public data opening has a stronger positive effect on the investment efficiency of private and high-tech firms. Furthermore, the greater the degree of fiscal decentralization in a region, the more pronounced the positive impact of public data opening. Fourth, further analysis reveals that public data opening enhances the value of both firm growth options and liquidation options.
Mao et al. (Sun,) studied this question.