Divergent Paths to Sustainability: A Comparative Evaluation of Multidimensional Value and Spatial Evolution in China’s State-Owned and Non-State-Owned Enterprises

China’s economic landscape features the coexistence of State-Owned Enterprises (SOEs) and Non-State-Owned Enterprises (NSOEs), yet their comparative contributions to sustainable development remain underexplored. This study develops a four-dimensional value-assessment framework—encompassing economic, innovation, social, and cultural dimensions—to evaluate 3025 A-share listed firms from 2014 to 2023. Using entropy weighting and spatial statistical techniques, we reveal divergent sustainability paths: NSOEs significantly outperform in economic and innovation value, driven by market logic and coastal clustering (Gini: 0.584). Conversely, SOEs excel in social and cultural value, reflecting policy mandates and spatially dispersed presence (Gini: 0.452). Innovation value (weight: 0.534) most distinguishes NSOEs, while social value (weight: 0.412) defines SOE differentiation. Panel regressions confirm that leverage negatively affects value creation, while firm size and innovation capacity show positive effects. These findings suggest China requires differentiated policy approaches, recognizing that SOEs and NSOEs follow distinct paths toward sustainable development.