Abstract: Theoretically, the Big Data Management Bureau is established to gather information from all aspects at all levels so as to accurately send relevant external environmental conditions and policy analysis to enterprises concerned in the hope of helping them quickly understand changes in the external environments and make corresponding asset allocation adjustments. This paper takes the A-share listed companies during the years from 2013 to 2021 as the research sample, and makes an empirical analysis of the impact of the big data administration on the financialization of corporate asset allocation, using the difference-in-differences model. The study finds that the establishment of the Big Data Administration Bureau significantly reduced enterprises’ proportion of financial asset allocation and increased their proportion of fixed asset allocation. Mechanism analysis shows that the establishment of the Big Data Administration Bureau reduced the growth rate of enterprises’inventory and increased their scale of bank loans. The heterogeneity analysis shows that the influence of the Big Data Administration was more obvious on private enterprises, small-scale enterprises, and enterprises whose CEO had a certain academic background. The results reveal the internal mechanism of government service transformation and its economic impact on enterprises under the digital economy, providing empirical evidence for the government to rationally plan the direction of digital public services.

Key words: Big Data Administration Bureau, enterprise financialization, difference in differences