Impact of Enterprise Digital Transformation on Green Innovation Dynamics—Empirical Evidence from Growth Enterprise Market-Listed Companies

Promoting corporate digital transformation is a crucial lever for enhancing green innovation dynamics. This paper takes Growth Enterprise Market (GEM)-listed companies from 2013 to 2023 as the research object, focusing on investigating the direct impact of enterprise digital transformation on green innovation dynamics, its indirect transmission mechanism through R&D intensity, and the non-linear threshold effect from the perspective of external market institutions and internal R&D Intensity synergy. It also examines the differential moderating role of market contextual factors. The research results indicate that enterprise digital transformation overall has a significantly positive promoting effect on green innovation dynamics. However, it exhibits stable empowerment on green innovation output, while its impact on green innovation input shows a dynamic evolutionary characteristic shifting from short-term suppression to long-term promotion. R&D intensity plays a significant mediating role therein. More critically, the promoting effect of digital transformation on green innovation dynamics in output dimension exhibits a significant dual-threshold effect based on the synergy level between external market institution and internal R&D intensity. As the synergy level crosses the critical thresholds sequentially, the empowering effect of digital transformation on green innovation output shows a significant stepwise enhancement feature. Furthermore, the marketization index dynamically moderates the above relationships, while a high market competition environment exacerbates the short-term suppression of input. The conclusions of this study provide empirical reference and theoretical support for optimizing the coordinated development strategy of corporate digital transformation and green innovation dynamics and formulating differentiated context-adapted policies in the digital economy era.