Government-Guided Funds and Corporate Digital–Intelligent Transformation

Continuously advancing the digital–intelligent transformation of enterprises is crucial for enhancing their long-term competitiveness and ensuring sustainable development, particularly in emerging market economies. Using a difference-in-differences (DID) approach, this study empirically investigates the impact of government-guided funds (GGFs) on corporate digital–intelligent transformation, drawing on data from Chinese A–share listed firms spanning 2012 to 2024. The results indicate that GGFs significantly promote firms’ digital–intelligent transformation. A mechanism analysis further reveals that GGFs promote this transformation by easing financing constraints, transmitting policy guidance, and encouraging knowledge spillovers. These effects are particularly strong in firms with high-quality internal controls, those operating in high-tech industries, and those with robust dynamic capabilities. Overall, the results provide valuable insights for enhancing government–enterprise collaboration to accelerate economic transformation and strengthen long-term competitiveness.