Investigating the Evolutionary Dynamics of Green Collaborative Innovation: A Four-Player Evolutionary Game Approach

Green collaborative innovation is a complex socio-technical system involving interactions among governments, universities, enterprises, and financial institutions. However, existing studies often examine these actors separately or focus on bilateral relationships, limiting the understanding of how multi-agent strategies jointly evolve toward sustainable innovation. This study develops a four-player evolutionary game model incorporating regional governments, universities, local enterprises, and green financial institutions to investigate the dynamic evolution of green collaborative innovation under bounded rationality. The model integrates fiscal incentives, technology commercialization returns, financial constraints, reputation effects, and social advocacy mechanisms to explore the conditions under which collaborative strategies emerge and stabilize. Theoretical analysis identifies the evolutionary conditions of different strategic combinations, while numerical simulations examine how key factors influence the evolution process. The results reveal that enterprise deep green transformation plays a central role in shaping the evolution of the entire collaborative innovation system. Government subsidies and financial constraints jointly influence enterprises’ transformation decisions, while technology commercialization returns and research support determine universities’ incentives for green R&D. Green financial institutions contribute not only through capital provision, but also through environmental risk assessment and market-based governance. In addition, social advocacy indirectly affects the evolutionary process by influencing reputation-related incentives and strengthening institutional accountability. This study contributes to green innovation and systems science research by providing a multi-agent evolutionary framework that explains the interactions among policy, technology, finance, and institutional factors. The findings suggest that effective green collaborative innovation requires coordinated governance mechanisms that integrate fiscal support, financial regulation, technology transfer, and social supervision.