With the upgrading and widespread application of technologies such as the Internet of Things and big data,it has become increasingly important to improve the governance efficiency of state-owned enterprises through digitization.61 A-share listed state-owned demonstration enterprises selected from the"double first-class"demonstration enterprises list from 2003 to 2022 were selected as the research objects to empirically study the impact of the degree of digital transformation on the governance efficiency of state-owned demonstration enterprises.It is found that there is a"U"-shaped relationship between the degree of digital transformation and the governance efficiency of state-owned demonstration enterprises.As the degree of digital transformation rises from the transitional stage to the moderate stage,its impact on state-owned demonstration enterprises changes from inhibition effect to promotion effect.The results of Utest show that the vast majority of state-owned demonstration enterprises are in the"pain range"at present,which shows a negative impact on governance efficiency.The impact of the degree of digital transformation on the governance efficiency of capital-intensive industries and state-owned demonstration enterprises in the eastern region is"U"-shaped,and the degree of digital transformation has a negative impact on the governance efficiency of labor-intensive industries and state-owned demonstration enterprises in the central and western regions.Therefore,managers should recognize the two sides of digital transformation;enterprises should follow a digital transformation path that is in line with their own development;the government should scientifically evaluate the digital transformation of enterprises and continue to consolidate the basic environment for digital transformation.
state-owned demonstration enterprisesdegree of digital transformationgovernance efficiency"U"-shaped relationship