Opening up public data, correcting 'price bubbles,' and promoting high-quality development in the data industry

Speaker：Chen Haiqiang, Professor, Shenzhen University

Host：Zeng Yan, Professor, Lingnan College

Time and Date：16:00, June 18, 2026 (Thursday)

Venue：C.S.LAM Conference Room (103), Lingnan Hall

Language：Chinese

Abstract：

Under the current reality where the circulation and pricing mechanism of data elements have not yet been well established, data assets face the risk of a "price bubble," which restricts the high-quality development of the data industry. This paper, from the perspective of data industry mergers and acquisitions, explores whether the opening of public data can correct the "price bubble" of data assets, promote the circulation of data elements, and thereby facilitate high-quality industrial development. The main research findings are as follows: First, the opening of public data significantly reduces the valuation premium of data company acquisitions and curbs excessive market reactions. In the sample, the average Tobin's Q value of data company acquisitions was 5.26 before policy implementation, significantly higher than 3.06 for non-data company acquisitions; after implementation, the difference between the two narrowed from 2.19 to 1.43. Triple difference results indicate that public data opening reduces the Q value of data company acquisitions relative to non-data company acquisitions by 2.85; tests based on cumulative abnormal returns yield consistent conclusions. Second, heterogeneity analysis shows that the price "correction" effect is most significant in mergers and acquisitions of data resource-type enterprises, and is more pronounced in regions with weak data infrastructure, lower marketization, and underdeveloped inclusive finance. Third, further research indicates that public data opening does not crowd out private data sectors; instead, it enhances local data company entrepreneurship and innovation vitality, expands the supply of data elements, and strengthens the willingness of listed companies to participate in data asset construction, recruit data-related talent, and disclose data assets. This paper, starting from the supply side of data elements, reveals the role and mechanism of public data opening in correcting the "price bubble" of data assets, providing policy recommendations for promoting high-quality development of the data industry.

Profile:

Chen Haiqiang holds a PhD in Economics from Cornell University. He is the Dean of the FinTech College at Shenzhen University, a distinguished professor, and a PhD supervisor. He has led two major projects funded by the National Natural Science Foundation, was recognized as a National Youth Talent by the Ministry of Education in 2020, and is an outstanding talent of New Century in higher education in Fujian Province. His research focuses on the digital economy, fintech, and financial regulation, with papers published in top journals like AEA Papers and Proceedings, Journal of Econometrics, Economic Research, and Management World. He has won numerous awards, including the Second Prize for National Higher Education Teaching Achievement twice (2018, 2023), Baosteel Excellent Teacher (2021), China Economic Review Best Paper of the Year (2017), and the 12th Fujian Province Social Science Achievement Award. He has written for major news outlets like Economic Daily, and his policy reports have received attention from national leaders.