As the digital economy expands rapidly worldwide, enterprise financial management is undergoing profound restructuring. Based on questionnaire data collected from 50 science- and technology-oriented small and medium-sized enterprises (SMEs), this study explains how enterprise digitization affects financial management effectiveness and further examines the moderating role played by data governance. Through a reasonable measurement and evaluation framework covering enterprise digitization, data governance, and financial management effectiveness, and by applying multiple regression analysis, the results show that digitization has a significant direct effect on financial management effectiveness (p<0.01), while also exerting an indirect influence through data governance. Among the various channels through which data governance affects financial outcomes, management model restructuring has the strongest positive effect, with a regression coefficient of 0.349, followed by risk prevention and control enhancement and data-driven decision application, with coefficients of 0.332 and 0.234, respectively. During the digital transformation of enterprises, the mechanism through which data governance improves financial management effectiveness and subsequently promotes overall financial performance demonstrates considerable representativeness and broad applicability.
