《保险研究》20250501-《公共数据开放如何壮大耐心资本——基于险资持股的视角》（刘冬姣、杜孟阳、马堂玉、刘心成）

［摘   要］发展新质生产力需要壮大耐心资本。本文基于2010~2022年A股战略性新兴产业上市公司微观数据，以省级数据开放平台开通为契机，利用双重差分模型从保险资金持股视角考察了公共数据开放如何壮大耐心资本。研究发现：省级数据开放平台开通后，当地战略性新兴产业上市公司的险资持股水平显著提升，表明公共数据开放有助于壮大耐心资本。其中，打破信息壁垒和提高持股意愿是重要的作用机制，体现在公共数据开放有助于拓展保险机构投资者的信息获取渠道并提高信息获取质量，且公共数据开放能显著降低险资持股风险并提高持股收益。进一步的研究发现，公共数据开放对险资持股的促进作用在外界关注度低、融资约束严重和所处地区数据开放程度高的样本中更明显；险资持股水平提高有助于进一步壮大耐心资本规模和推动战略性新兴产业上市公司人力资本升级，对其新质生产力发展也具有积极作用。本文拓展了公共数据开放的经济后果研究，对推进数字经济战略与壮大耐心资本具有重要的政策启示。

［关键词］公共数据开放；险资持股；信息不对称；壮大耐心资本；新质生产力发展

［基金项目］本文获中南财经政法大学中央高校基本科研业务费专项资金项目（202510510）资助。

［作者简介］刘冬姣，中南财经政法大学金融学院教授，研究方向：保险理论与保险市场；杜孟阳（通讯作者），中南财经政法大学金融学院博士研究生；马堂玉，中南财经政法大学金融学院博士研究生；刘心成，中南财经政法大学金融学院硕士研究生。

How to Grow Patient Capital with Public Data Opening—A Perspective Based on Insurance Fund Shareholdings

LIU Dong-jiao，DU Meng-yang，MA Tang-yu，LIU Xin-cheng

Abstract：The development of new quality productivity requires the expansion of patient capital.Based on the microdata of A-share listed companies in strategic emerging industries from 2010 to 2022，this paper takes the opening of provincial data open platforms as an opportunity and uses the difference-in-differences model to examine how public data opening can expand patient capital from the perspective of insurance fund shareholding.The research finds that after the opening of provincial data open platforms，the level of insurance fund shareholding in local listed companies in strategic emerging industries has significantly increased，indicating that public data opening is conducive to expanding patient capital.It is also found that breaking information barriers and enhancing the willingness to hold such shares are important functioning mechanisms.This is reflected in the fact that public data opening helps to expand the information acquisition channels of insurance institutional investors and improve the quality of information acquisition，and public data opening can significantly reduce the risk of insurance fund shareholding and increase the returns on shareholding.Further research finds that the promoting effect of public data opening on insurance fund shareholding is more obvious in samples with low external attention，severe financing constraints，and high data opening level in the region.Finally，the increase in the insurance fund shareholding helps to further expand the scale of patient capital and promote the upgrading of human capital in listed companies in strategic emerging industries，and also has a positive effect on the development of new quality productivity.This paper expands the research on the economic consequences of public data opening and has important policy implications for promoting the digital economy strategy and expanding patient capital.

Key words：public data openness；insurance ownership；information asymmetry；growing patient capital；new quality productivity development