Abstract: Public data openness empowers enterprises with new development momentum, then, can this help them improve their product market performance? Based on the samples of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2021, this paper conducts a quasi-natural experiment with the online public data openness platform. The findings show that public data openness can significantly enhance the product market performance of enterprises. The mechanism test finds that public data openness can help firms improve their performance in the product markets through the cost advantage, the financial advantage, and the strategic advantage. Further, when firms’ financing ability is weaker or the quality of public data openness is higher, the effect of public data openness on firms’ performance in the product market will be stronger. To this end, the government should actively launch public data open platforms and continuously improve the quality of public data openness; while enterprises and other market entities should strengthen the development and utilization of public data, and establish market competitive advantages.

Key words: public data opening, product market performance, digital government, financing constraints