基于2011～2023年新三板科创型中小企业数据，利用地方政府公共数据开放政策的外生冲击，检验其对企业融资约束的影响及作用机制。研究发现，公共数据开放通过降低信息不对称和增强监督效应，显著缓解了科创型中小企业融资约束，且当公共数据开放总体质量更高、数据质量更高、平台功能更强、法规政策更完善时，这种缓解作用更为显著。异质性分析表明，在非国有、抵押品丰裕度更低以及位于知识产权保护水平更低地区的企业，公共数据开放对融资约束的缓解作用更为显著。进一步研究表明，公共数据开放能够提高企业信贷获取能力、增长其融资期限，以及提升其创新能力。

Based on the data of science-based SMEs listed on China’s National Equities Exchange and Quotations over the period 2011-2023, this study utilizes the exogenous shock of local governments’public data opening to test its impact on corporate financing constraints and the underlying mechanism. It is found that government data opening significantly alleviates the financing constraints of science-based SMEs by reducing information asymmetry and strengthening the monitoring effect, and this alleviation is more significant when the overall quality of government data opening is higher, the data quality is better, the platform function is stronger, and the regulations and policies are better. Heterogeneity analysis shows that the alleviation effect of government data opening on financing constraints is more significant for non-state-owned enterprises, firms with lower collateral abundance, and enterprises located in regions with weaker intellectual property protection. Moreover, government data opening can improve firms’ credit accessibility, extend their financing maturity, and enhance their innovation capabilities.