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In the context of accelerating digital transformation and increasing environmental pressures, this study investigates how enterprise digitalization influences green dual innovation—comprising green exploratory innovation (EI) and green developmental innovation (DI)—within Chinese A-share listed firms from 2016 to 2023. Drawing upon fixed-effects and triple difference models, we empirically examine the mechanisms through which digital transformation (DCG) enhances green innovation and assess the mediating role of R&D investment and the moderating effect of government subsidies (GS). Results reveal that digital transformation significantly promotes both EI and DI, with a stronger effect on EI. R&D investment fully mediates this relationship, indicating that digital capabilities boost green innovation primarily through enhanced research capacity. Government subsidies exhibit a dual effect: they positively moderate the impact of digital transformation on EI, while dampening its influence on DI, possibly due to over-reliance on external funding. Heterogeneity analysis through triple difference methods uncovers substantial regional and industry-level variation—particularly among high-tech and heavily polluting firms in Eastern China—where digital transformation's green effects are constrained by strategic short-termism or technological limitations. These findings offer theoretical insights and practical implications for firms and policymakers aiming to align digital strategy with green transformation objectives under sustainability mandates.
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