The digital transformation of enterprises has injected new vitality into the cost reduction and efficiency enhancement of enterprises and the promotion of highquality development of the economy, and implementing the“Residence without Speculation” policy will play a role in the business decisionmaking of enterprises, which in turn will affect the effect of the transformation of enterprises. Based on the data of listed companies in China, this paper explores the impact of implementing the “Residence without Speculation” policy on the digital transformation of enterprises and its mechanism. The main conclusions drawn in this paper are summarized as follows. Implementing the “Residence without Speculation” policy can significantly enhance the level of enterprise digital transformation. This effect can work through four mechanisms, namely, enterprise resource allocation channel, financing constraint channel, financing structure channel, and risk prevention channel. The heterogeneity analysis finds that the relationship between housing policy and the digital transformation of enterprises shows obvious differentiation under different enterprise characteristics, industry characteristics, and city characteristics. Further analysis shows that digital transformation of enterprises has a substantial positive effect on the total factor productivity, and the “Residence without Speculation” policy will have a negative moderating effect on this effect. This paper expands the research on the impact of real estate market regulation on enterprise behavior decisionmaking and also provides new ideas for promoting the digital transformation of enterprises.