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

摘要： 国资监管数字化转型是推动国家治理体系和治理能力现代化的重要举措。本文利用全国各地区分阶段实施“国资国企在线监管系统”的自然实验，构建多时点双重差分模型检验国资监管数字化转型对国有企业违规行为的影响。研究发现，国资委监管的数字化转型能够降低国有企业的违规概率、违规次数和违规严重程度；国资委数字化监管的违规治理效应主要集中在与国资委距离较远、公司治理水平较低、内部控制质量较差和融资约束较强的国有企业中。进一步分析发现，数字化转型的资金投入越多，国资委监管的违规治理效应越显著；国有企业数字化监管能够促进国有资本保值增值。本文为国资委提升监管效率提供了科学依据，也为推进国家治理现代化提供了理论支持。

关键词: 国资监管, 数字化转型, 企业违规, 规范运作, 国有企业