The Impact of Digital and Intelligent Transformation on Green Technology Innovation in China: The Mediating Roles of Government Subsidies and Absorptive Capacity

Green development is confronted with the challenge of achieving a win–win outcome for both the economy and the environment. Digital and intelligent transformation offers a critical opportunity for the green development of enterprises. Drawing on panel data of Chinese A-share listed companies from 2015 to 2024, this study adopts a capability–resource synergy framework and employs empirical methods to investigate the complex mechanisms through which digital and intelligent transformation affects green technology innovation. The results indicate that digital and intelligent transformation significantly promotes green technology innovation among Chinese enterprises. Further analysis reveals that increasing government subsidies and enhancing absorptive capacity are two important mechanisms through which digital and intelligent transformation drives green technology innovation. Moreover, absorptive capacity also plays a threshold role. Heterogeneity analysis shows that the positive effect of digital and intelligent transformation on green technology innovation is more pronounced in state-owned enterprises, manufacturing firms, and heavily polluting enterprises. By adopting absorptive capacity as a theoretical lens, this study provides a knowledge-based explanation of how digital and intelligent transformation influences green technological innovation. Importantly, absorptive capacity serves a dual mediating and threshold function, which enhances the explanatory power and ensures a more comprehensive mechanistic analysis.