Government digital governance and corporate investment efficiency

Liyuan Liu and Yi Feng

Finance Research Letters, 2025, vol. 77, issue C

Abstract: Government digital governance is a key driver of national governance modernization and economic development. This paper analyzes the “national pilot policy of information benefit the people” as a quasi-natural experiment, using a difference-in-differences model to evaluate its impact on enterprise investment efficiency. Results show that government digital governance improves investment efficiency by reducing information asymmetry and limiting short-term debt and long-term asset use. Heterogeneity analysis reveals that the positive effects are more significant in cases without executive changes and with higher agency costs.

Keywords: Digital governance; Government governance; Information benefit; Investment efficiency (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:77:y:2025:i:c:s154461232500282x

DOI: 10.1016/j.frl.2025.107018

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