The economic value of open government data: Micro evidence from corporate investment

Figure 1.

Figure 2.

Figure 3.

Impact of provincial government data open platform_

Variable	(1) Invest	(2) Invest	(3) Invest
Open	0.0030** (2.30)	0.0027* (1.82)	0.0043*** (4.38)
Size	0.0128*** (10.91)	0.0140*** (5.66)	0.0128*** (5.83)
Lev	0.0036 (0.74)	0.0020 (0.33)	0.0034 (0.60)
Roe	0.0237*** (9.80)	0.0259*** (6.27)	0.0237*** (5.64)
Cfo	-0.0033 (-0.60)	-0.0065 (-0.74)	-0.0034 (-0.40)
Age	-0.0420*** (-15.30)	-0.0432*** (-8.49)	-0.0421*** (-9.41)
Growth	0.0212*** (15.49)	0.0241*** (8.56)	0.0212*** (6.17)
Balance	0.0020 (1.32)	0.0016 (1.08)	0.0021 (1.56)
Independ	-0.0179 (-1.39)	-0.0258* (-1.95)	-0.0177 (-1.63)
Board	-0.0028 (-0.54)	-0.0051 (-1.26)	-0.0029 (-0.80)
Dual	0.0029** (2.15)	0.0033* (1.83)	0.0029* (1.76)
lngdp	0.0090* (1.69)	0.0098 (1.51)	0.0084 (1.41)
lnfinance	-0.0021 (-0.50)	-0.0020 (-0.39)	-0.0023 (-0.51)
Cons	-0.1761*** (-2.91)	-0.1959*** (-4.63)	-0.1685*** (-3.82)
Firm Fixed Effects	YES	YES	YES
Year Fixed Effects	YES	YES	YES
Industry Fixed Effects	YES	YES	YES
City Fixed Effects	YES	YES	NO
Province Fixed Effects	YES	NO	YES
Observations	31,284	24,416	31,284
Adj. R2	0.4215	0.4119	0.4216

Descriptive statistics_

Variable	N	Mean	P25	Median	P75	Min	SD	Max
Invest	31,284	0.0541	0.0123	0.0343	0.0734	-0.0259	0.0634	0.362
Open	31,284	0.426	0	0	1	0	0.495	1
Size	31,284	22.27	21.36	22.09	23.03	19.17	1.312	26.11
Lev	31,284	0.452	0.294	0.450	0.605	0.0529	0.203	0.899
Roe	31,284	0.0481	0.0234	0.0650	0.113	-0.870	0.158	0.364
Cfo	31,284	0.0463	0.0070	0.0453	0.0869	-0.177	0.0713	0.260
Age	31,284	2.335	1.792	2.398	2.890	1.099	0.638	3.367
Growth	31,284	0.165	-0.0343	0.103	0.266	-0.585	0.414	2.499
Balance	31,284	0.697	0.224	0.524	1.011	0.0269	0.601	2.784
Independ	31,284	0.374	0.333	0.333	0.429	0.300	0.0532	0.571
Board	31,284	2.251	2.079	2.303	2.303	1.792	0.181	2.773
Dual	31,284	0.246	0	0	0	0	0.431	1
lngdp	31,284	8.878	8.049	8.969	9.839	6.005	1.174	10.67
lnfinance	31,284	16.16	15.23	16.07	17.21	13.42	1.249	18.25

The impact of the establishment of government data open platforms on corporate investment_

Variable	(1) Invest	(2) Invest	(3) Invest	(4) Invest
Open	0.0028** (2.02)	0.0032** (2.43)	0.0032*** (3.41)	0.0030*** (3.19)
Size		0.0126*** (10.84)	0.0126*** (6.30)	0.0128*** (5.82)
Lev		0.0028 (0.58)	0.0036 (0.71)	0.0036 (0.63)
Roe		0.0231*** (9.39)	0.0236*** (5.68)	0.0237*** (5.68)
Cfo		-0.0027 (-0.49)	-0.0035 (-0.41)	-0.0033 (-0.39)
Age		-0.0412*** (-15.06)	-0.0412*** (-9.34)	-0.0420*** (-9.39)
Growth		0.0214*** (15.60)	0.0214*** (6.16)	0.0212*** (6.17)
Balance		0.0018 (1.16)	0.0017 (1.43)	0.0020 (1.54)
Independ		-0.0189 (-1.48)	-0.0186* (-1.86)	-0.0179 (-1.65)
Board		-0.0029 (-0.58)	-0.0032 (-0.94)	-0.0028 (-0.76)
Dual		0.0029** (2.16)	0.0029* (1.83)	0.0029* (1.76)
lngdp		0.0070 (1.51)	0.0069 (1.53)	0.0090 (1.49)
lnfinance		-0.0076* (-1.95)	-0.0072 (-1.50)	-0.0021 (-0.47)
Cons	0.0529*** (89.95)	-0.0681 (-1.47)	-0.0720 (-1.55)	-0.1761 *** (-4.06)
Firm Fixed Effects	YES	YES	YES	YES
Year Fixed Effects	YES	YES	YES	YES
Industry Fixed Effects	NO	NO	YES	YES
City Fixed Effects	NO	NO	NO	YES
Observations	31,284	31,284	31,284	31,284
Adj. R2	0.3715	0.4196	0.4207	0.4215

The impact of open government data on financing cost and financing scale_

Variable	(1) OutFin	(2) Invest	(3) Loan	(4) Invest
Open	-0.0006** (-2.34)	0.0027*** (2.88)	0.0025* (1.93)	0.0029*** (3.05)
OutFin		-0.6592*** (-7.88)
Loan				0.0490*** (5.11)
Size	-0.0002 (-1.31)	0.0126*** (5.56)	0.0101*** (11.29)	0.0123*** (5.81)
Lev	0.0063*** (8.71)	0.0078 (1.27)	0.4269*** (112.49)	-0.0174** (-2.62)
Roe	-0.0052*** (-10.34)	0.0203*** (4.91)	0.0043 (1.51)	0.0235*** (5.68)
Cfo	0.0076*** (9.04)	0.0016 (0.18)	-0.1947*** (-31.19)	0.0063 (0.79)
Age	0.0002 (0.45)	-0.0418*** (-9.69)	0.0064*** (2.76)	-0.0423*** (-9.36)
Growth	-0.0008*** (-6.78)	0.0206*** (6.21)	-0.0048*** (-5.09)	0.0214*** (5.99)
Balance	0.0009*** (3.60)	0.0025* (1.97)	-0.0054*** (-4.41)	0.0023* (1.76)
Independ	-0.0010 (-0.50)	-0.0188* (-1.75)	-0.0210* (-1.74)	-0.0168 (-1.56)
Board	-0.0005 (-0.63)	-0.0031 (-0.86)	-0.0096** (-2.17)	-0.0023 (-0.62)
Dual	0.0001 (0.23)	0.0029* (1.81)	-0.0028** (-2.15)	0.0030* (1.85)
lngdp	-0.0027*** (-3.20)	0.0067 (1.09)	0.0013 (0.30)	0.0090 (1.54)
lnfinance	0.0018*** (2.73)	-0.0018 (-0.42)	-0.0049 (-1.37)	-0.0019 (-0.43)
Cons	0.0058 (0.82)	-0.1527*** (-3.54)	-0.1759*** (-3.63)	-0.1674*** (-4.01)
Firm Fixed Effects	YES	YES	YES	YES
Year Fixed Effects	YES	YES	YES	YES
Industry Fixed Effects	YES	YES	YES	YES
City Fixed Effects	YES	YES	YES	YES
Observations	31,284	31,284	31,284	31,284
Adj. R2	0.6732	0.4261	0.7926	0.4237

The regression results after clustering at the firm, regional, and industry levels_

Variable	(1) Invest	(2) Invest	(3) Invest	(4) Invest	(5) Invest
Open	0.0030** (2.14)	0.0030** (2.43)	0.0030** (2.23)	0.0030*** (3.25)	0.0030*** (3.44)
Size	0.0128*** (8.83)	0.0128*** (10.74)	0.0128*** (8.69)	0.0128*** (5.56)	0.0128*** (5.89)
Lev	0.0036 (0.63)	0.0036 (0.67)	0.0036 (0.59)	0.0036 (0.57)	0.0036 (0.60)
Roe	0.0237*** (7.36)	0.0237*** (7.55)	0.0237*** (6.20)	0.0237*** (4.81)	0.0237*** (5.09)
Cfo	-0.0033 (-0.58)	-0.0033 (-0.54)	-0.0033 (-0.52)	-0.0033 (-0.35)	-0.0033 (-0.37)
Age	-0.0420*** (-11.17)	-0.0420*** (-12.90)	-0.0420*** (-9.92)	-0.0420*** (-8.70)	-0.0420*** (-9.20)
Growth	0.0212*** (13.75)	0.0212*** (10.21)	0.0212*** (9.51)	0.0212*** (5.51)	0.0212*** (5.83)
Balance	0.0020 (1.22)	0.0020 (1.41)	0.0020 (1.29)	0.0020 (1.67)	0.0020* (1.78)
Independ	-0.0179 (-1.36)	-0.0179 (-1.29)	-0.0179 (-1.25)	-0.0179 (-1.41)	-0.0179 (-1.49)
Board	-0.0028 (-0.53)	-0.0028 (-0.47)	-0.0028 (-0.47)	-0.0028 (-0.60)	-0.0028 (-0.63)
Dual	0.0029* (2.12)	0.0029** (2.35)	0.0029** (2.33)	0.0029 (1.72)	0.0029* (1.82)
Lngdp	0.0090 (1.68)	0.0090* (1.70)	0.0090 (1.70)	0.0090 (1.42)	0.0090 (1.50)
lnfinance	-0.0021 (-0.49)	-0.0021 (-0.62)	-0.0021 (-0.59)	-0.0021 (-0.51)	-0.0021 (-0.53)
Cons	-0.1761** (-2.84)	-0.1761*** (-3.27)	-0.1761*** (-3.08)	-0.1761*** (-5.06)	-0.1761*** (-5.35)
Firm Fixed Effects	Yes	Yes	Yes	Yes	Yes
Year Fixed Effects	Yes	Yes	Yes	Yes	Yes
Industry Fixed Effects	Yes	Yes	Yes	Yes	Yes
City Fixed Effects	Yes	Yes	Yes	Yes	Yes
Firm and year cluster	Yes
City cluster		Yes
City and year cluster			Yes
City and industry cluster				Yes
City,firm and industry cluster					Yes
Observations	31,284	31,284	31,284	31,284	31,284
Adj. R2	0.4215	0.4215	0.4215	0.4215	0.4215

The regression results with alternative measures of corporate investment_

Variable	(1) Invest2	(2) Invest3	(3) Invest4
Open	0.0017** (2.63)	0.0027*** (2.87)	0.0019*** (3.04)
Size	0.0054*** (3.93)	0.0115*** (5.76)	0.0068*** (4.44)
Lev	0.0047 (1.07)	0.0068 (1.07)	0.0014 (0.36)
Roe	0.0156*** (4.83)	0.0257*** (5.67)	0.0146*** (4.92)
Cfo	0.0056 (0.96)	-0.0088 (-0.99)	0.0102* (1.89)
Age	-0.0305*** (-8.82)	-0.0398*** (-8.57)	-0.0328*** (-9.93)
Growth	0.0019*** (3.98)	0.0217*** (6.19)	0.0021*** (4.17)
Balance	0.0006 (0.63)	0.0022* (1.83)	0.0005 (0.47)
Independ	-0.0048 (-0.65)	-0.0146 (-1.30)	-0.0078 (-1.12)
Board	-0.0001 (-0.03)	-0.0032 (-0.83)	0.0002 (0.10)
Dual	0.0016 (1.47)	0.0027 (1.59)	0.0018 (1.69)
lngdp	0.0058** (2.30)	0.0061 (1.39)	0.0054** (2.21)
lnfinance	0.0032 (1.15)	0.0030 (0.73)	0.0026 (0.98)
Cons	-0.1074** (-2.14)	-0.2074*** (-2.88)	-0.1225** (-2.33)
Firm Fixed Effects	YES	YES	YES
Year Fixed Effects	YES	YES	YES
Industry Fixed Effects	YES	YES	YES
City Fixed Effects	YES	YES	YES
Observations	31,284	31,284	31,284
Adj. R2	0.4553	0.4264	0.4456

The regression outcomes derived from the heterogeneity analysis_

Variable	(1) Non-SOEs Invest	(2) SOEs Invest	(3) High-Tech Invest	(4) Non-High-Tech Invest	(5) EU_low Invest	(6) EU_high Invest	(7) Eastern Invest	(8) Central-western Invest
Open	0.0001 (0.11)	0.0056*** (2.98)	0.0024** (2.59)	0.0037 (1.59)	0.0015 (0.72)	0.0032* (1.79)	0.0023** (2.22)	0.0016 (0.63)
Size	0.0140*** (5.77)	0.0106*** (4.30)	0.0165*** (14.47)	0.0071** (2.75)	0.0150*** (4.02)	0.0116*** (7.19)	0.0132*** (5.28)	0.0121*** (5.56)
Lev	0.0102 (1.72)	0.0015 (0.12)	0.0070 (0.90)	0.0072 (0.75)	-0.0020 (-0.16)	0.0066 (1.40)	0.0090 (1.33)	-0.0057 (-0.77)
Roe	0.0216*** (4.49)	0.0282*** (4.32)	0.0246** (3.98)	0.0229*** (3.20)	0.0299*** (4.24)	0.0195*** (5.00)	0.0212*** (5.19)	0.0298*** (5.56)
Cfo	-0.0069 (-0.80)	-0.0073 (-0.68)	-0.0102 (-1.26)	0.0040 (0.34)	0.0048 (0.57)	-0.0085 (-0.72)	-0.0045 (-0.55)	0.0002 (0.02)
Age	-0.0473*** (-8.28)	-0.0394*** (-5.81)	-0.0408*** (-8.71)	-0.0457*** (-6.34)	-0.0448*** (-8.74)	-0.0446*** (-9.05)	-0.0455*** (-10.75)	-0.0356*** (-4.06)
Growth	0.0178*** (5.95)	0.0246*** (5.33)	0.0252*** (11.82)	0.0164*** (3.65)	0.0162*** (4.50)	0.0227*** (6.90)	0.0174*** (4.72)	0.0277*** (9.11)
Balance	0.0010 (0.63)	0.0035* (1.95)	-0.0002 (-0.12)	0.0043 (1.63)	0.0031 (1.41)	0.0016 (1.00)	0.0017 (1.14)	0.0023 (0.95)
Independ	-0.0230* (-2.06)	-0.0262 (-1.61)	-0.0108 (-1.86)	-0.0324 (-1.34)	-0.0410* (-2.09)	-0.0097 (-0.75)	-0.0092 (-0.71)	-0.0431** (-2.31)
Board	-0.0072 (-1.51)	-0.0029 (-0.46)	-0.0015 (-0.35)	-0.0020 (-0.27)	-0.0000 (-0.01)	-0.0024 (-0.46)	-0.0042 (-0.73)	-0.0012 (-0.19)
Dual	0.0021 (1.17)	0.0015 (0.72)	0.0015 (0.93)	0.0036 (1.66)	0.0055** (2.66)	0.0011 (0.45)	0.0042** (2.72)	-0.0016 (-0.51)
lngdp	0.0115 (1.30)	0.0151** (2.16)	0.0078 (0.97)	0.0128 (1.36)	0.0091 (0.55)	0.0104** (2.22)	0.0171** (2.18)	0.0061 (0.75)
lnfinance	-0.0055 (-0.80)	-0.0049 (-1.14)	-0.0032 (-0.50)	-0.0057 (-1.06)	0.0033 (0.49)	-0.0057 (-1.30)	-0.0041 (-0.65)	-0.0020 (-0.33)
Cons	-0.1503* (-2.01)	-0.1361* (-2.04)	-0.2355*** (-5.89)	-0.0160 (-0.32)	-0.2953** (-2.68)	-0.1046** (-2.43)	-0.2271*** (-3.40)	-0.1303 (-1.72)
Firm Fixed Effects	YES	YES	YES	YES	YES	YES	YES	YES
Year Fixed Effects	YES	YES	YES	YES	YES	YES	YES	YES
Industry Fixed Effects	YES	YES	YES	YES	YES	YES	YES	YES
City Fixed Effects	YES	YES	YES	YES	YES	YES	YES	YES
Observations	17,364	13,227	18,980	12,266	10,871	19,952	21,520	9,745
Adj. R2	0.4501	0.3947	0.4389	0.4179	0.4175	0.4444	0.4516	0.3726
Empirical p-value	0.000		0.001		0.060		0.008

Variable definitions_

Property of variable	Variable name	Variable symbol	Variable description
Dependent variable	corporate investment	Invest	(cash expended on the acquisition and construction of fixed assets, intangible assets, and other long-term assets - the net cash received from the disposal of fixed assets, intangible assets, and other long-term assets) / by the total assets at the beginning of the period.
Independent variable	Open government data	Open	Whether the city where the enterprise is located has a government data open platform
Control variables	Firm size	Size	The natural logarithm of total assets
	Debt-to-asset ratio	Lev	Total liabilities/total assets
	Return on total assets	Roa	Net profit/total assets
	Operating cash flow	Cfo	Net cash flow from operating activities/total assets
	Age of the company	Age	The natural logarithm of listing year +1
	Company growth	Growth	Revenue growth rate
	Equity balance degree	Balance	Shareholding ratio of the 2nd to 5th largest shareholders/shareholding ratio of the first largest shareholders
	independent director ratio	Independent	Number of independent directors/Number of directors
	Board size	Board	the natural logarithm of (number of directors + 1)
	Two duties in one	Dual	Whether the chairman and the If the It takes the value of 1 if chairman and the general manager are the same person, and 0 if it is not.
	economic development level	Lngdp	Natural logarithm of per capita GDP in cities
	Government revenue	lnfinance	Natural logarithm of local fiscal budget revenue

Results of propensity score matching method and entropy balance matching method_

Variable	(1) Nearest neighbor matching (1:1)	(2) Radius matching	(3) Kernel matching	(4) Entropy balance matching
Open	0.0032** (2.57)	0.0032*** (3.45)	0.0032*** (3.40)	0.0020* (1.75)
Size	0.0129*** (6.28)	0.0125*** (6.54)	0.0125*** (6.54)	0.0108*** (4.11)
Lev	0.0003 (0.07)	0.0031 (0.63)	0.0031 (0.63)	0.0088 (1.54)
Roe	0.0200*** (4.57)	0.0234*** (5.55)	0.0234*** (5.58)	0.0226*** (5.47)
Cfo	-0.0027 (-0.35)	-0.0026 (-0.31)	-0.0026 (-0.31)	-0.0019 (-0.18)
Age	-0.0434*** (-10.42)	-0.0412*** (-9.40)	-0.0411*** (-9.35)	-0.0355*** (-6.80)
Growth	0.0209*** (5.99)	0.0210*** (6.06)	0.0210*** (6.06)	0.0173*** (3.77)
Balance	0.0010 (0.65)	0.0016 (1.40)	0.0016 (1.38)	0.0033 (1.38)
Independ	-0.0151 (-1.50)	-0.0177* (-1.86)	-0.0181* (-1.90)	-0.0031 (-0.20)
Board	-0.0021 (-0.54)	-0.0031 (-0.87)	-0.0032 (-0.89)	-0.0064 (-1.43)
Dual	0.0021 (1.13)	0.0030* (1.97)	0.0029* (1.95)	0.0013 (1.12)
lngdp	0.0072 (1.40)	0.0075 (1.52)	0.0075 (1.52)	-0.0068 (-0.87)
lnfinance	-0.0083 (-1.65)	-0.0079 (-1.53)	-0.0078 (-1.54)	-0.0004 (-0.05)
Cons	-0.0607 (-1.43)	-0.0654 (-1.36)	-0.0651 (-1.36)	-0.0344 (-0.58)
Firm Fixed Effects	YES	YES	YES	YES
Year Fixed Effects	YES	YES	YES	YES
Industry Fixed Effects	YES	YES	YES	YES
City Fixed Effects	YES	YES	YES	YES
Observations	26,661	31,021	31,063	31,284
Adj. R2	0.4299	0.4222	0.4224	0.5301

The impact of government data opening on corporate investment efficiency_

Variable	(1) Invest	(2) Invest	(3) Invest	(4) Invest
Open*Tobin’s Q	0.0026*** (3.48)	0.0024*** (3.76)	0.0024*** (3.63)	0.0022*** (3.67)
Tobin’s Q	-0.0011 (-1.47)	0.0014** (2.45)	0.0014** (2.48)	0.0013** (2.30)
Open	-0.0022 (-0.96)	-0.0016 (-1.02)	-0.0015 (-0.94)	-0.0015 (-0.86)
Size		0.0140*** (7.90)	0.0140*** (7.55)	0.0142*** (6.89)
Lev		0.0019 (0.36)	0.0027 (0.55)	0.0028 (0.49)
Roe		0.0218*** (5.25)	0.0222*** (5.47)	0.0224*** (5.49)
Cfo		-0.0043 (-0.50)	-0.0051 (-0.61)	-0.0048 (-0.58)
Age		-0.0430*** (-9.31)	-0.0430*** (-9.48)	-0.0437*** (-9.48)
Growth		0.0211*** (6.12)	0.0211*** (6.15)	0.0209*** (6.15)
Balance		0.0016 (1.36)	0.0016 (1.31)	0.0019 (1.41)
Independ		-0.0204* (-1.98)	-0.0201* (-1.97)	-0.0193* (-1.76)
Board		-0.0032 (-0.91)	-0.0034 (-1.00)	-0.0030 (-0.80)
Dual		0.0030* (1.80)	0.0030* (1.85)	0.0030* (1.78)
lngdp		0.0068 (1.54)	0.0067 (1.49)	0.0087 (1.46)
lnfinance		-0.0077 (-1.68)	-0.0073 (-1.55)	-0.0023 (-0.52)
_cons	0.0550*** (30.40)	-0.0933** (-2.11)	-0.0973* (-2.09)	-0.1973*** (-4.68)
Firm Fixed Effects	YES	YES	YES	YES
Year Fixed Effects	YES	YES	YES	YES
Industry Fixed Effects	NO	NO	YES	YES
City Fixed Effects	NO	NO	NO	YES
Observations	31,284	31,284	31,284	31,284
Adj. R2	0.3743	0.4210	0.4221	0.4227

The impact of open government data on overall financing constraint with KZ index_

Variable	Invest
Open×KZ	0.0018*** (5.11)
KZ	-0.0049*** (-8.29)
Open	0.0004 (0.38)
Size	0.0106*** (5.01)
Lev	0.0298*** (4.73)
Roe	0.0222*** (5.50)
Cfo	-0.0505*** (-4.02)
Age	-0.0367*** (-7.63)
Growth	0.0204*** (6.24)
Balance	0.0021 (1.59)
Independ	-0.0190* (-1.84)
Board	-0.0032 (-0.87)
Dual	0.0028 (1.63)
lngdp	0.0102 (1.72)
lnfinance	-0.0023 (-0.53)
Cons	-0.1463*** (-3.40)
Firm Fixed Effects	YES
Year Fixed Effects	YES
Industry Fixed Effects	YES
City Fixed Effects	YES
Observations	30,775
Adj. R2	0.4269

The impact of the quality of government data openness on corporate investment_

Variable	(1) Invest	(2) Invest	(3) Invest	(4) Invest
Lnquality	0.0029*** (3.33)
Lndata		0.0024*** (3.62)
Lnplat			0.0036*** (2.93)
Lnpolicy				0.0025*** (3.40)
size	0.0066*** (8.87)	0.0066*** (8.85)	0.0066*** (8.92)	0.0069*** (9.12)
lev	0.0183*** (2.85)	0.0183*** (2.87)	0.0177** (2.72)	0.0166*** (3.01)
roe	0.0210*** (7.22)	0.0211*** (7.37)	0.0211*** (7.10)	0.0205*** (7.73)
cf	0.0536*** (4.67)	0.0538*** (4.66)	0.0530*** (4.50)	0.0481*** (4.52)
age	-0.0232*** (-18.66)	-0.0233*** (-18.87)	-0.0231*** (-18.14)	-0.0232*** (-17.65)
growth	0.0254*** (9.59)	0.0253*** (9.61)	0.0256*** (9.28)	0.0275*** (9.46)
sharesbalance	-0.0011 (-1.22)	-0.0011 (-1.21)	-0.0011 (-1.20)	-0.0011 (-1.09)
independ	0.0083 (0.58)	0.0080 (0.56)	0.0090 (0.62)	0.0127 (0.82)
board	-0.0062 (-1.63)	-0.0064 (-1.68)	-0.0062 (-1.57)	-0.0065 (-1.59)
dual	0.0045** (2.15)	0.0045** (2.16)	0.0046** (2.08)	0.0042* (1.71)
lngdp	0.0053 (1.69)	0.0054 (1.66)	0.0045 (1.45)	0.0049 (1.52)
lnfinance	-0.0068** (-2.54)	-0.0067** (-2.43)	-0.0061** (-2.37)	-0.0062** (-2.31)
_cons	0.0018 (0.07)	0.0049 (0.18)	-0.0017 (-0.07)	-0.0052 (-0.18)
Firm Fixed Effects	YES	YES	YES	YES
Year Fixed Effects	YES	YES	YES	YES
Industry Fixed Effects	YES	YES	YES	YES
City Fixed Effects	YES	YES	YES	YES
Observations	11,145	11,145	10,937	10,123
Adj. R2	0.2040	0.2036	0.2041	0.2066

The impact of open government data on overall financing constraint_

Variable	Invest
Open	0.0046*** (4.25)
Open×Cfo	-0.0330*** (-4.12)
Size	0.0129*** (5.81)
Lev	0.0033 (0.57)
Roe	0.0239*** (5.75)
Cfo	0.0091 (0.95)
Age	-0.0419*** (-9.39)
Growth	0.0212*** (6.17)
Balance	0.0020 (1.54)
Independ	-0.0175 (-1.62)
Board	-0.0027 (-0.74)
Dual	0.0028* (1.75)
lngdp	0.0090 (1.49)
lnfinance	-0.0021 (-0.47)
Cons	-0.1790*** (-4.13)
Firm Fixed Effects	YES
Year Fixed Effects	YES
Industry Fixed Effects	YES
City Fixed Effects	YES
Observations	31,284
Adj. R2	0.4217

The impact of other contemporaneous policies_

Variable	(1) Invest	(2) Invest	(3) Invest	(4) Invest
Open	0.0028** (2.83)	0.0031*** (3.24)	0.0030*** (3.04)	0.0026** (2.70)
Size	0.0127*** (5.71)	0.0127*** (5.66)	0.0127*** (5.65)	0.0127*** (5.66)
Lev	0.0038 (0.65)	0.0038 (0.63)	0.0034 (0.57)	0.0034 (0.57)
Roe	0.0237*** (5.76)	0.0236*** (5.73)	0.0235*** (5.68)	0.0237*** (5.74)
Cfo	-0.0024 (-0.28)	-0.0025 (-0.31)	-0.0024 (-0.29)	-0.0023 (-0.27)
Age	-0.0419*** (-9.12)	-0.0420*** (-9.11)	-0.0415*** (-8.88)	-0.0415*** (-8.85)
Growth	0.0211*** (6.07)	0.0211*** (6.10)	0.0211*** (6.11)	0.0211*** (6.09)
Balance	0.0019 (1.39)	0.0019 (1.41)	0.0019 (1.39)	0.0019 (1.38)
Independ	-0.0188 (-1.60)	-0.0191 (-1.64)	-0.0193 (-1.67)	-0.0192 (-1.64)
Board	-0.0026 (-0.66)	-0.0027 (-0.72)	-0.0029 (-0.76)	-0.0027 (-0.70)
Dual	0.0029* (1.85)	0.0030* (1.89)	0.0029* (1.85)	0.0029* (1.82)
lngdp	0.0092 (1.16)	0.0095 (1.18)	0.0093 (1.19)	0.0091 (1.16)
lnfinance	-0.0019 (-0.40)	-0.0018 (-0.37)	-0.0012 (-0.26)	-0.0014 (-0.30)
Kdzgdid	0.0039** (2.30)			0.0036** (2.15)
Datadid		0.0005 (0.29)		0.0002 (0.11)
Zmqdid			0.0048** (2.34)	0.0043* (2.02)
Cons	-0.1810*** (-4.34)	-0.1826*** (-4.34)	-0.1950*** (-4.54)	-0.1922*** (-4.46)
Firm Fixed Effects	Yes	Yes	Yes	Yes
Year Fixed Effects	Yes	Yes	Yes	Yes
Industry Fixed Effects	Yes	Yes	Yes	Yes
City Fixed Effects	Yes	Yes	Yes	Yes
Observations	31,098	31,098	31,098	31,098
Adj. R2	0.4228	0.4226	0.4228	0.4229

Sample description_

Panel A: Sample selection process.
Initial observations of all Chinese A-share listed firms from 2007 to 2022					49,194
Less: observations pertaining to the financial industry					(1,071)
Less: observations designated as ST, *ST, and PT firms					(1,933)
Less: observations with firms temporarily suspended					(5)
Less: observations with missing information on control variables					(14,901)
Available observations					31,284
Unique firms					3,355

Parallel trend test_

Variable	(1) Invest	(2) Invest	(3) Invest
EventN13	-0.0090 (-1.23)	-0.0083 (-1.46)	-0.0090 (-1.63)
EventN12	-0.0063 (-1.18)	-0.0053 (-1.07)	-0.0063 (-1.31)
EventN11	-0.0044 (-0.67)	-0.0041 (-1.04)	-0.0044 (-1.17)
EventN10	-0.0059 (-0.95)	-0.0055 (-1.45)	-0.0059 (-1.62)
EventN9	-0.0013 (-0.28)	-0.0010 (-0.26)	-0.0013 (-0.35)
EventN8	-0.0002 (-0.05)	0.0003 (0.11)	-0.0002 (-0.06)
EventN7	-0.0032 (-0.95)	-0.0026 (-0.89)	-0.0032 (-1.14)
EventN6	-0.0038 (-1.61)	-0.0035 (-1.46)	-0.0038 (-1.64)
EventN5	-0.0022 (-0.95)	-0.0020 (-0.97)	-0.0022 (-1.11)
EventN4	-0.0021 (-0.89)	-0.0021 (-1.06)	-0.0021 (-1.09)
EventN3	0.0013 (0.71)	0.0015 (0.80)	0.0013 (0.68)
EventN2	0.0014 (0.84)	0.0013 (0.92)	0.0014 (0.98)
Event0	0.0028** (2.43)	0.0026** (2.35)	0.0028** (2.54)
EventP1	0.0031** (2.25)	0.0030** (2.02)	0.0031** (2.19)
EventP2	0.0044** (2.37)	0.0043** (2.36)	0.0044** (2.53)
EventP3	0.0044* (1.89)	0.0040* (1.67)	0.0044* (1.87)
EventP4	0.0052* (1.86)	0.0050 (1.64)	0.0052* (1.70)
EventP5	0.0061* (1.86)	0.0052* (1.93)	0.0061** (2.26)
EventP6	0.0066* (1.81)	0.0059* (1.83)	0.0066** (2.05)
EventP7	0.0068 (1.46)	0.0067** (2.28)	0.0068** (2.43)
EventP8	0.0087 (1.59)	0.0086** (2.38)	0.0087** (2.34)
EventP9	0.0060 (1.09)	0.0056 (1.16)	0.0060 (1.33)
EventP10	0.0081 (1.44)	0.0077* (1.85)	0.0081** (2.10)
Size	0.0070*** (7.29)	0.0069*** (11.40)	0.0070*** (10.89)
Lev	0.0123** (2.13)	-0.0014 (-0.32)	0.0123*** (2.87)
Roe	0.0226*** (3.95)	0.0167*** (5.39)	0.0226*** (7.25)
Cfo	0.0640*** (7.24)	0.0956*** (13.35)	0.0640*** (9.90)
Age	-0.0226*** (-8.03)	-0.0239*** (-18.81)	-0.0226*** (-17.42)
Growth	0.0249*** (5.36)	0.0244*** (12.62)	0.0249*** (13.66)
Balance	0.0012 (1.38)	0.0007 (0.66)	0.0012 (1.14)
Independ	-0.0035 (-0.28)	-0.0063 (-0.45)	-0.0035 (-0.27)
Board	-0.0036 (-0.74)	0.0029 (0.61)	-0.0036 (-0.87)
Dual	0.0037** (2.23)	0.0042*** (2.99)	0.0037*** (2.97)
lngdp	0.0072 (1.05)	0.0055 (0.96)	0.0072 (1.30)
lnfinance	-0.0012 (-0.25)	-0.0004 (-0.09)	-0.0012 (-0.30)
Cons	-0.1022** (-2.71)	-0.1014* (-1.90)	-0.1022* (-1.96)
Firm Fixed Effects	YES	YES	YES
Year Fixed Effects	YES	YES	YES
Industry Fixed Effects	NO	YES	YES
City Fixed Effects	NO	NO	YES
Observations	31,064	31,064	31,064
Adj. R2	0.2191	0.1778	0.2191