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338Data has become a key production factor driving economic and social development. How to stimulate the potential of massive data elements is an important issue in cultivating and developing new quality productive forces. In 2014, the enterprise information publicity system (EIPS) established by the State Council of China publicly disclosed the massive enterprise-related big data held by the government. Nevertheless, empirical research on its actual impact remains limited.
Based on manually collected data on the relationship between listed enterprises and their non-listed customers, this paper takes the EIPS as a quasi-natural experiment to examine the impact and mechanism of government enterprise-related big data disclosure on corporate financing constraints from a supply chain perspective. The results show that: (1) After the implementation of the EIPS, the financing constraints of enterprises that disclose customer names are significantly reduced, indicating that government enterprise-related big data disclosure can alleviate financing constraints by achieving supply chain visibility. (2) Government enterprise-related big data disclosure alleviates financing constraints primarily through reducing information asymmetry and promoting stakeholder supply chain governance. (3) The above effects are stronger when corporate information transparency is lower and customer importance is higher.
The contributions of this paper are as follows: First, it provides evidence from a supply chain perspective on the economic consequences of the EIPS and government enterprise-related big data disclosure, which has practical significance for how to improve the EIPS and stimulate the effectiveness of government enterprise-related big data disclosure. Second, it provides evidence based on natural experiments on how information disclosure by non-listed enterprises affects the financing constraints of supplier enterprises, and offers reference for the supervision and governance of information disclosure for upstream and downstream enterprises in the supply chain, expanding the research on how to alleviate corporate financing constraints. Third, it provides Chinese experience for the regulation of information disclosure by non-listed enterprises, enriching the research on the spillover effect of information disclosure by non-listed enterprises.
