Abstract: This paper makes use of the panel data of 31 provincial governments to conduct a systematical analysis of the action mechanism and effects of financial transparency and media attention on the governmental governance efficiency. The findings show that fiscal transparency has a significant positive effect on governmental governance efficiency; and this effect is much more obvious when media attention is introduced, that is, the level of fiscal transparency is improved when media attention is introduced, which lead to more efficient governmental governance. Therefore, in order to improve governmental governance efficiency and promote the modernization of the national governance system and the governance capacity, it is necessary to formulate scientific and normative standards for government financial information disclosure, to promote practically local governments’ enthusiasm for improvement of fiscal transparency, and to give full play to media attention.

Key words: fiscal transparency; governmental governance efficiency; media attention; national governance modernization