The Impact of Green Investment on Digital Value: Evidence from Chinese Listed Companies

The escalating global climate crisis has increased scholarly and practical attention to green investment as a key driver of corporate sustainability. From a systems perspective, enterprises can be viewed as complex socio-technical systems in which green resource allocation, technological innovation, and digital transformation interact dynamically. Against this background, this study examines how green investment (GI) affects corporate digital value (DV) and whether green technological innovation (GTI) serves as a transmission mechanism in this relationship. Using panel data from 15,244 firm-year observations of Chinese A-share listed companies from 2012 to 2024, this study applies panel data estimation methods to test the proposed relationships. The results show that GI significantly enhances DV, indicating that green resource allocation can strengthen firms’ digital value creation. GTI plays a partial mediating role in the relationship between GI and DV, suggesting that green investment contributes to digital value not only directly but also by stimulating technological innovation within the corporate system. Further heterogeneity analysis reveals that the positive effect of GI on DV is more pronounced among state-owned enterprises and firms located in eastern regions. These findings enrich the literature on green–digital transformation by highlighting the systemic linkage between green investment, green technological innovation, and digital value creation. They also provide practical implications for policymakers and corporate managers seeking to promote coordinated low-carbon and digital development through more effective green investment and innovation strategies.