以地方政府公共数据开放平台上线为准自然实验，实证检验政府公共数据开放对企业金融资产配置的影响效应。研究表明，政府公共数据开放显著降低了企业金融资产配置水平，且该效应在非国有企业、非成熟期企业以及低数字化转型企业中更为显著。机制检验表明，政府公共数据开放通过调节管理层预防性动机与投资替代动机双管齐下地降低了企业金融资产配置水平。进一步地，数据质量是政府公共数据开放抑制企业金融资产配置的重要维度；政府公共数据开放能够提高企业实体投资水平，进而促进地区层面实体投资增长，具有明显的实体经济效应。

This study employs the launch of local government public data open platforms as a natural experiment to empirically investigate the effects of government data opening on corporate financial asset allocation. The findings reveal that government data opening significantly diminishes corporate financial asset allocation levels, with this effect being particularly pronounced in non-state-owned enterprises, early-stage firms, and organizations with limited digital transformation. Mechanism analysis indicates that government data opening influences corporate financial asset allocation by moderating management’s dual motivations: precautionary and substitution. Furthermore, the quality of publicly accessible government data is a critical factor in constraining corporate financial asset allocation. Additionally, government data opening is associated with an increase in corporate real investment levels, thereby facilitating growth in regional real investment and yielding a substantial positive impact on the real economy.