Abstract: Optimizing the allocation of land resources and realizing the market-oriented reform of land elements is an inevitable requirement and due meaning for promoting the green and low-carbon industrial transformation then to achieve high-quality economic development. This paper conducts an empirical study based on the land transaction data of China Land Market Network from 2008 to 2022 and the data of industrial enterprises listed on China's Shanghai and Shenzhen A-shares stock exchanges. The findings show that, firstly, market-oriented allocation of land can significantly promote low-carbon innovation of enterprises and promote their green transformation and development. Secondly, strengthening R&D investment, increasing investment in green environmental protection, optimizing resource allocation, and enhancing agglomeration effects are important mechanisms for promoting low-carbon innovation in enterprises through market-oriented land allocation. Thirdly, the implementation and promotion of pilot policies for land auditing will help ensure the standardized, orderly, and rational operation of the land trading market, thereby strengthening the low-carbon innovation effect of market-oriented land allocation. Fourthly, the impact of market-oriented land allocation on low-carbon innovation exhibits significant heterogeneity, as it significantly promotes low-carbon technological innovation in capital intensive industries, state-owned enterprises, non high-tech enterprises, and heavily polluting enterprises, but does not have a significant impact on labor-intensive and technology intensive industries, non-state-owned enterprises, high-tech enterprises, and non heavily polluting enterprises.

Key words: market-oriented land allocation, low-carbon innovation, industrial land transaction price, market-oriented transfer method