北航经管学院“融实论坛”系列讲座
（2025年第3期，总第70期）
讲座题目：The Boundary of Open Data: Implications for Financial Market and Real Efficiency
讲座时间：2025.4.24（周四）10:00-11:30
讲座地点：北航学院路校区新主楼 A618
讲座嘉宾：邱志刚 教授
讲座主持人：部慧 副教授
讲座嘉宾 简介
邱志刚，中国人民大学财政金融学院货币金融系教授，博士生导师，中国人民大学深圳金融高等研究院副院长。曾任中国人民大学汉青研究院讲师，副教授，副院长。邱志刚在东北财经大学取得学士学位，在利兹大学取得硕士学位，在伦敦政治经济学院取得硕士和博士学位。从2011起至今，先后任教于中国人民大学汉青研究院、财政金融学院。为本科，硕士及博士讲授资产定价理论、金融风险分析、金融主文献、金融专题、投资学、区块链金融及金融科技概述等课程。他的研究兴趣包括代理投资组合管理、资产定价理论及数据经济。邱志刚教授在国内外顶尖学术期刊上发表多篇论文，包括Journal of Economic Theory, Journal of Financial and Quantitative Analysis（独立作者）, Journal of Financial Markets, Journal of Economic and Dynamic Control, Journal of Banking and Finance, Journal of Empirical Finance, Journal of Accounting and Public Policy, 以及中国工业经济等顶级学术期刊。
讲座概要
We analyze the optimal boundary for open data in an economy where financial and real-sector participants access both open and private data. The distinctive features of open access and non-rivalrous usage of open data enable its dual roles as a public information source and innovation input, yet raise privacy concerns. Our model reveals a novel trade-off: while enhanced private data precision substitutes for open data's information source role, its ability to amplify innovation benefits (via improved investment efficiency) establishes a crucial complementary relationship. This induces a crowding-in impact on the optimal open data boundary under low uncertainty, but crowding-out under high uncertainty. The innovation role further generates non-monotonic scaling effects, which initially reduces productivity at small scales but increases at larger scales, yielding complex, non-linear impacts on market and real efficiency. These findings highlight critical policy trade-offs in balancing innovation, market efficiency, and privacy in digital age.
