所属栏目:公司金融/资本预算和估值

Bridging Provincial Gaps: How the Integrated Government Services Platform Enhances Firms’ Investment Efficiency
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发布日期:2026年10月30日 上次修订日期:2026年10月30日

摘要

This paper explores the impact of the Integrated Government Service Platform (IGSP) reform, a large-scale digital regulatory initiative in China, on firms’ investment efficiency. Using a firm-level panel dataset of Chinese listed firms, we find that the IGSP reform significantly enhances firms’ investment efficiency. Mechanism analyses indicate that the IGSP enhances firms’ investment efficiency by improving governance service quality and convergence of governance services across cities within a province, thereby reducing economic policy uncertainty and reinforcing market expectations. The heterogeneity analyses reveal that the effect is more pronounced for firms without political connections, those operating in high business volatility and high-tech industries, and regions with stronger informal institutions. Finally, the IGSP encourages firms to expand their investment activities to other cities within the same province. This finding is fully consistent with the underlying mechanisms identified in this study. Our findings provide novel evidence on the economic consequences of digital regulatory integration and offer policy implications for advancing service-oriented and efficiency-driven governance in developing economies.
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Liuqin Zhang; Zeqiang Wu; Yuhan Ou Bridging Provincial Gaps: How the Integrated Government Services Platform Enhances Firms’ Investment Efficiency (2026年10月30日) https://www.cfrn.com.cn/lw/16936

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