The Impact of Green Transformation on Corporate Green Investment Efficiency: Evidence from China

As the global shift toward green and low-carbon development deepens, green investment has become a core component driving sustainable economic growth. This study addresses a key gap in the literature by systematically exploring how corporate green transformation affects green investment efficiency at the micro level. Using data from China’s A-share listed corporations (2007–2022), we innovatively integrate the Global Malmquist-Luenberger (GML) index with an enhanced Richardson model incorporating environmental governance variables. Results demonstrate that green transformation significantly boosts investment efficiency, mainly by alleviating underinvestment. The study makes three key contributions: (1) identifying distinct regional and ownership-based heterogeneity effects; (2) uncovering uncertainty perception and labor employment as dual mediating mechanisms; and (3) verifying digital transformation’s positive moderating role. These findings deliver targeted insights for optimizing green investment strategies during corporate transformation.