This paper investigates the relationship between smart city construction and firm performance in China using panel data of Shanghai and Shenzhen A-share listed companies from 2008 to 2020. The study finds that smart city construction significantly improves enterprise performance across all industries and regions, with a more pronounced effect on small and medium-sized enterprises (SMEs) and non-state enterprises than on large enterprises and state-owned enterprises. These findings offer a theoretical framework for promoting regional development and new urbanization.
