Abstract: Digital governance is an important means to enhance national governance capabilities and has a significant impact on the cross-regional flow of capital. This article manually compiles the data of non-local subsidiaries of listed companies from 2009 to 2020, using the pilot program of information benefiting the people as an exogenous shock, and establishes a DID model to study how government digital governance affects non-local investments of listed companies. The research results indicate that after the pilot construction of information benefiting the people, the number of enterprises investing in other regions has significantly increased. Heterogeneity analysis shows that the promoting effect of digital governance on enterprises’ cross-regional investment is greater within the same urban cluster and in regions with a lower degree of market segmentation, and it is only significant in cities of a smaller scale. Mechanism analysis shows that the pilot program of information benefiting the people promotes enterprises' cross-regional investment by optimizing the business environment and reducing institutional transaction costs. Further analysis shows that digital governance has expanded the distance between parent and subsidiary companies and alleviated the “siphon effect” in central cities. The research has important implications for empowering the construction of a unified national market through digital governance.

Key words: Digital Governance, Remote Investment, Unified National Market

摘要： 数字治理是提升国家治理能力的重要手段,对资本跨区流动产生着重要影响。本文利用2009—2017年上市公司异地子公司数据,以信息惠民国家试点为外生冲击,对政府数字治理如何影响上市公司异地投资进行了研究。研究结果表明,信息惠民试点建设后,企业异地投资数量显著提升。异质性分析表明,数字治理对企业异地投资的促进作用在同一城市群内部、市场分割程度较低的地区中更大,且仅在规模较小的城市中显著。机制分析表明,信息惠民试点通过优化营商环境、降低制度性交易成本、减少企业不确定性感知促进企业异地投资。进一步分析表明,数字治理扩大了母子公司之间的距离并且缓解了中心城市的“虹吸效应”。

关键词: 数字治理, 异地投资, 国内统一大市场