Abstract: Taking listed companies in high energy-consuming industries in Shanghai and Shenzhen stock markets from 2010 to 2020 as research samples,this paper empirically tests the influence of provincial local governments' carbon reduction emphasis on the digital transformation of enterprises by constructing the index of provincial local governments' carbon reduction emphasis.The results show that local governments' carbon reduction emphasis is significantly positively associated with high energy-consuming enterprises' digital transformation.Mechanism studies find that local governments' emphasis on carbon reduction can lead to an increase in the tax burden on high energy-consuming enterprises ,which,in turn,compels them to implement digital transformation.By examining the distinct characteristics of digital transformation,this paper concludes that local governments' emphasis on carbon reduction primarily encourages the adoption and enhancement of big data technology and digital applications in high-energy-consuming listed companies.The heterogeneity studies show that local governments' emphasis on carbon reduction has a more significant impact on enterprises' digital transformation in private companies,enterprises with high-risk and regions with relatively perfect institutional environment.Furthermore,local governments' emphasis on carbon reduction also reduces the regional carbon emission level by promoting the digital transformation of high energy-consuming enterprises.This paper expands the research on the economic consequences of local government environmental regulation from the perspective of digital transformation,enriches the study of the factors influencing enterprises' digital transformation and offers valuable insights into achieving regional carbon reduction target.

Key words: Local Governments' Emphasis on Carbon Reduction, Digital Transformation, High Energy-consuming Enterprise, Carbon Emission

摘要： 本文通过构建省级地方政府减碳重视度指标,以2010—2020年沪深两市高耗能行业上市公司为研究样本,实证检验了省级地方政府减碳重视度对企业数字化转型的影响。研究结果表明,地方政府减碳重视度显著促进了高耗能企业的数字化转型。机制检验发现,地方政府减碳重视度通过提高高耗能企业的税费负担,进而倒逼其实施数字化转型。通过区分数字化转型的细分特征,本文发现地方政府减碳重视度主要促进了高耗能企业的大数据技术和数字技术应用的转型升级。异质性分析表明,在民营企业、经营风险较大的企业以及制度环境较为完善的地区,地方政府减碳重视度对企业数字化转型的影响更为凸显。进一步地,地方政府减碳重视度还通过促进高耗能企业数字化转型,从而降低了地区碳排放水平。本文从数字化转型的视角拓展了地方政府环境规制经济后果的相关研究,丰富了企业数字化转型影响因素的研究内容,为地区减排降碳目标实现路径提供了有益启示。

关键词: 地方政府减碳重视度, 数字化转型, 高耗能企业, 碳排放