政府公共数据开放对企业环境绩效的影响来自中国A股上市公司的证据

    Impact of Government Public Data Opening on Corporate Environmental Performance: Evidence from China’s A-share Listed Companies

    • 摘要: 政府公共数据开放是国家基础性战略资源释放的关键举措,正深刻重塑市场信息环境与企业决策模式。基于2007—2023年A股上市公司数据,以自2012年起陆续上线政府数据平台为准自然实验,立足“数据信息供给—企业行为约束—环境绩效改善”的理论框架,通过构建双重差分模型评估政府公共数据开放对企业环境绩效的影响效应和异质性特征,并创新性地从企业投融资视角和内外部治理视角切入考察其作用机制。研究发现,政府公共数据开放显著提升企业环境绩效,该结论在经过一系列稳健性检验后依然成立。机制分析表明,公共数据开放主要通过投融资端鼓励环保投资和缓解融资约束,内外部治理端强化外部监督水平以及提升内部决策质量赋能企业环境绩效提升。异质性分析揭示,在经济政策不确定性感知较低和管理层绿色认知水平较高的企业、竞争程度较弱和技术密集型行业的企业、所在城市新型数字基础设施水平较高和环境规制较严的企业,公共数据开放的赋能效应更加明显。上述结论不仅拓展了政府数字治理与企业环境责任领域的理论视野,也为数据要素赋能企业环境治理、推动绿色转型提供扎实的经验证据。

       

      Abstract: As a pivotal measure for unleashing national foundational strategic resources, government public data opening is profoundly reshaping market information environments and corporate decision-making paradigms. Leveraging data from A-share listed companies spanning 2007 to 2023 and employing the staggered rollout of government data platforms since 2012 as a quasi-natural experiment, this study constructs a theoretical framework of “data information supply—corporate behavioral constraints—environmental performance improvement.” Using difference-in-differences (DID) models, we evaluate the impact and heterogeneous features of government public data opening on corporate environmental performance, and innovatively explore its underlying mechanisms from the perspectives of corporate investment-financing and internal-external governance. Our findings indicate that government public data opening enhances corporate environmental performance, and this conclusion remains valid after a series of robustness tests. Mechanism analyses reveal that this effect operates through four primary channels: stimulating environmental investments, alleviating financing constraints, strengthening external monitoring, and improving internal decision-making quality. Heterogeneity analyses further demonstrate that the enabling effect is more pronounced among firms with lower perceived economic policy uncertainty and higher managerial green awareness, in industries with weaker competition or technology-intensive attributes, and in cities with superior new digital infrastructure or stricter environmental regulations. This paper not only expands the theoretical frontiers of digital governance and corporate environmental responsibility but also provides compelling empirical evidence on how data elements can empower corporate environmental governance and facilitate green transitions.

       

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