Research on the Impact of Climate Policy Uncertainty on Enterprise Digital Transformation

Climate change is one of the major challenges facing the world today, and climate policies are playing an increasingly important role in China's economic system. The uncertainty of climate policies poses risks to investment and market volatility, thereby affecting corporate decision-making and innovation capabilities. Taking Chinese listed companies as the research subjects, this paper empirically analyzes the impact of climate policy uncertainty on corporate digital transformation and its mechanisms at the micro level from 2012 to 2022. The study finds that climate policy uncertainty significantly enhances the digital level of enterprises and promotes digital transformation. Further analysis indicates that internal financing constraints adversely affect the promotion of corporate digital transformation driven by climate policy uncertainty.