摘要：实现“双碳”目标，数字化是重要路径。本文利用低碳城市试点政策自2010年开始逐步扩大试点这一准自然实验，基于2007—2022年的上市公司微观数据，运用交错双重差分模型评估了该政策对企业数字化转型的影响。研究结果表明：低碳城市试点政策总体上显著促进了企业的数字化转型。机制分析表明，“双碳”目标的设立使企业增加研发资金和人力资本投入，从而促进企业进行数字化转型。调节效应分析表明，外部监管压力较大、可用资源较多的企业受到低碳城市试点冲击后的数字化转型升级更加明显，且与地区数字基础设施建设相关的政策试点能够和低碳城市试点发挥协同效应。在低碳城市试点后提升了数字化水平的企业能够获得更好的环境绩效和市场价值。本文的研究结论拓宽了低碳城市试点政策效应评估的有关研究，阐释了低碳城市试点如何引导企业数字化，为促进低碳转型过程中的高质量发展提供了有益启示。

Abstract: Digitalization is an important path to achieve the double carbon goal.This paper uses a quasi-natural experiment to evaluate the impact of the low-carbon city pilot policy on the digital transformation of enterprises based on a dataset of listed companies from 2007 to 2022 using a staggered difference-in-difference method.The results show that the low-carbon city pilot policy significantly promotes the digital transformation of enterprises.The mechanism analysis shows that the establishment of the double carbon target makes enterprises to increase investment in R&D and human capital, so as to improve their digitalization level.The moderating effect analysis shows that enterprises with more external pressure and available resources are more significantly affected by the pilot low-carbon city and then upgrade their digitalization., and policy pilots related to regional digital infrastructure development can be synergized with low-carbon city pilot policy.Enterprises that improve their digitalization level in the pilot low-carbon city can obtain better environmental performance and market value.The findings of this paper broaden the assessment of the effects of low-carbon city pilot policies and explain how low-carbon city pilots induce the digitalization of enterprises, providing useful insights for promoting high-quality development in the process of low-carbon transformation.