Abstract:As the construction of smart cities has become the main task of the new round of industry-city integration in China"s high-tech zones, it is an important prerequisite for the high-quality development of digital-driven enterprises to investigate the impact of smart city pilot policies on the development of enterprises in high-tech zones. Based on the panel data of high-tech zones in 88 countries in China from 2003 to 2019, this paper finds that the promotion of smart city pilot policies on the development of enterprises in high-tech zones needs to be further improved. The heterogeneity test of the pilot model shows that the construction of smart cities only in high-tech zones is not necessarily better than piloting in a larger space. Specifically, although the construction of smart cities has promoted the increase of the total income of enterprises in Hefei High-tech Zone, it has reduced the net profit of enterprises. For Changchun and Qingdao high-tech zones, the impact of smart city construction on these two indicators is negative. The research conclusions provide empirical evidence of problems in the construction of smart cities in China, and also provide a reference for the subsequent adjustment of the policy system.