The Impact of Digital–Green Synergy on Firm Innovation Resilience: Evidence from China

Innovation is the core driving force behind high-quality development. This study uses a sample of Chinese A-share non-financial listed companies from 2011 to 2024. It empirically examines the impact of digital–green synergy on corporate innovation resilience. We find that digital–green synergy (DG) significantly enhances firm innovation resilience. The baseline regression coefficient is 0.031 (p < 0.01). This conclusion remains robust after addressing endogeneity and conducting various robustness checks. Mechanism tests show that digital–green synergy enhances innovation resilience by improving firms’ absorptive capacity, attracting capital market attention, and cultivating both resource and organizational synergy. Heterogeneity analyses reveal that the impact of this dual transformation depends on firms’ specific characteristics and their internal and external environments. This research provides micro-level evidence on the value-creation mechanisms of dual transformation synergy. The findings offer significant insights for supporting corporate innovation systems in navigating uncertainty and achieving high-quality, sustainable development.