The Impact of Digital–Real Integration on Firm Green Technology Innovation: Evidence from Chinese A-Share Listed Companies

Based on Chinese A-share listed companies’ panel data from 2008 to 2023, we examine the impact of digital–real integration on firm green technology innovation. The empirical results show that digital–real integration can significantly improve firm green technology innovation. Mechanism analysis reveals that digital–real integration improves firm green technology innovation by reducing financing constraints, improving productivity and reducing information asymmetry. Heterogeneity analysis results show that the positive effects are more pronounced in private and other non-state-owned firms, large-scale firms and firms with stronger internal control. The study also confirms that government green subsidy, governance quality, intellectual property protection, digital infrastructure and marketization level can enhance the positive effect of digital–real integration on firm green technology innovation.