关键词: 国资监管, 数字化转型, 企业违规, 规范运作, 国有企业

Abstract: The digital transformation of state-owned assets supervision represents a critical initiative to advance the modernization of China's national governance system and capacity Since stateowned enterprises have a key position in our national economy，their illegal operations will not only lead to economic compensation，reputation loss and even administrative and criminal punishment，but also affect the stability of the national economy and social order Therefore，it is of great theoretical and practical significance for the Stateowned Assets Supervision and Administration Commission(SASAC)to use digital technology to promote the innovation of regulatory model to promote the standardized operation of stateowned enterprises
Based on the staggered implementation of the “Online Supervision System for Stateowned Assets and Enterprises” across different regions nationwide as the natural experiment，this paper employs a multiperiod differenceindifferences model to examine the impact of the digital transformation of stateowned assets supervision on the misconducts of stateowned enterprises （SOEs） Using a sample of nonfinancial SOEs listed on the Shanghai and Shenzhen Ashare markets from 2014 to 2022，we find that SASACs digital supervision significantly reduces the likelihood，frequency，and severity of misconduct in SOEs The effects are pronounced among SOEs distant from SASACs，with worse corporate governance，with weaker internal control and facing stringent financing constraints Additionally，we find that more investments in digital transformation enhance the efficacy of SASACs supervision in mitigating misconducts，and the digital supervision contributes to the preservation and appreciation of stateowned capital 
Compared to existing literatures，the main contributions of this paper are as follows：First，from the perspective of standardized operation of stateowned enterprises，this paper studies the impact of digital transformation on the effect of stateowned assets supervision，which is conducive to a deeper understanding of the specific mechanism of digital supervision Second，this paper examines how the digital transformation of SASACs regulatory approach affects the effectiveness of regulation and provides new evidence on how SASAC regulation can alleviate SOE agency problems Third，based on the use of emerging technologies in the regulation of stateowned enterprises，this paper provides new evidence on the factors that influence corporate misconduct
Furthermore，this study provides a scientific foundation for enhancing SASACs supervisory efficiency and offers theoretical support for the modernization of national governance

Key words: state-owned assets supervision, digital transformation, corporate misconduct, compliant operation, state-owned enterprises