Value Effect of Public Data Access—A Perspective Based on Manufacturing Firms' Markup

ABSTRACT The government's sharing of data resources is an essential initiative to release the economic value of data factors. However, it is a question to empirically test whether the public can effectively utilize public data to create economic benefits. Based on this, we explore the value‐creation effect of public data access at the micro level from the perspective of manufacturing firms' markup. Using a sample of Chinese A‐share manufacturing firms from 2009 to 2023, we view launching a city‐level public data platform as a quasi‐natural experiment and employ the double difference model. We find that public data access significantly improves the markup of manufacturing firms, contributing to value creation at the firm level. The finding remains consistent after robustness tests such as the parallel trend, placebo, and PSM‐DID tests. Mechanistic analysis suggests that public data access facilitates manufacturing firms' markup by encouraging firm innovation and alleviating financing constraints. Further, moderating effect tests suggest that excellent data processing capabilities, high‐level internal governance, and a transparent urban information environment reinforce the value‐creating effects of public data access.