The change of government govern-ance is one of the important goals of China's digital transformation.Based on the text of prefecture-level city government work reports and the database of China's A-share listed companies,this article uses machine learning methods to construct local govern-ment digital governance indicators,and tries to ana-lyze the economic impacts and theoretical mechanisms of the improvement of local government's digital governance capacity.The regression results show that digital governance significantly promotes the return on equity and return on assets of enterprises.The impact is significant in the dimensions of digital technology use and digitalization of traditional governance.Heterogeneity analysis shows that the positive impact of digital governance on corporate performance is more significant for state-owned enterprises,small and medium-sized enterprises,and enterprises with higher equity concentration,and that the improvement of digital governance capacity compensates to a certain extent for the deficiencies in the level of regional economic development and institutional environment.Mechanism analysis sug-gests that alleviating financing constraints and reducing policy uncertainty are the main channels of influence of digital governance in promoting firm performance.The policy implication of this article is that,in the process of promoting the moderniza-tion of the national governance system and govern-ance capacity,we should focus on the role of digital governance level in promoting the economic performance of enterprises,and take into account the differences in this promotion role depending on the characteristics of enterprises and the level of regional economic development,so as to accurately implement policies.
Digital governanceCorporate performanceMachine learning
万方数据
维普
