Abstract: Digital regulation is a significant innovation in the regulatory approach to building a modern capital market with Chinese characteristics，as well as an important means of external corporate governance in the digital era Exploring the real economic effects of digital regulation is crucial for preventing and defusing major risks and promoting highquality development of the real economy Using the unique research setting where the CSRC （China Securities Regulatory Commission） regional offices develop their digital regulatory systems differently，this study examines the impact of digital regulation on investment efficiency of listed companies 
Based on a sample of Ashare nonfinancial listed companies from 2014 to 2023，the study finds that：（1） Following the implementation of digital regulatory systems by regional offices，the investment efficiency of listed companies within their jurisdiction significantly improved，confirming the real economic effects of digital regulation （2） Mechanism analyses show that the improvement in information disclosure quality and internal governance are the primary channels through which digital regulation affects corporate investment efficiency （3） Heterogeneity analyses show that the effect is more prominent in companies with higher operational risks，governance risks，and stock price volatility risks （4） Further analyses indicate that digital regulation significantly enhances the sensitivity of investment to investment opportunities and also plays a crucial role in promoting corporate innovation investment （5） Moreover，the main findings remain robust when measuring digital regulation through text analysis and the FinBERT large language model，as well as from the perspective of digital talent acquisition 
The marginal contributions of this study are as follows：First，this study expands the literature on the economic consequences of digital regulation While existing literature primarily explores the impact of regulatory digitalization in specific contexts such as mergers and acquisitions or IPO reviews，its real effects remain largely overlooked This study fills that gap Second，it enriches the research on the factors influencing investment efficiency from the perspective of digital regulation，broadening the understanding of how regulation empowers the real economy Third，it not only provides critical evidence on how capital market regulation fosters highquality development in the real economy，but also offers valuable insights for implementing the directives of the Third Plenary Session of the 20th Central Committee of the Communist Party of China，which emphasize preventing risks，strengthening regulation，and promoting the healthy and stable development of the capital market

Key words: digital regulation, real economic effects, investment efficiency, capital market regulation

摘要： 探索数字化监管的实体经济效应对防范化解重大风险、促进实体经济高质量发展具有重要意义。基于地方证监局差异化应用数字化监管系统的独特场景，本文考察了数字化监管对上市公司投资效率的影响。研究发现，地方证监局应用数字化监管系统后，辖区内上市公司的投资效率显著提升。机制分析表明，提高信息披露质量和抑制管理层机会主义行为是数字化监管发挥作用的潜在渠道。异质性分析发现，对经营风险更高、治理风险更高以及市场风险更高的公司，数字化监管提升投资效率的作用更明显。进一步研究表明，数字化监管还显著提升了企业创新投入水平。本文为推动数字化监管建设、提高资本市场服务实体经济能力提供了重要启示。

关键词: 数字化监管, 实体经济效应, 投资效率, 资本市场监管