Digital capability is an advanced capability that manufacturing companies need for their digital and intelligent development. At present, the influence mechanism behind the impact of digital capability on manufacturing companies’ performance is still unclear and lacks quantitative analysis. Based on the dynamic capability view, we propose a research model to investigate digital capability, digital innovation, value co-creation, and company performance and conduct an empirical study based on questionnaire data from 209 digital manufacturing companies. The empirical results show that digital capability has a significant positive impact on company performance. The results further show that digital innovation mediates the effect of digital capability on performance within a company, while outside the company, value co-creation mediates the impact of digital capability on company performance. This research provides empirical support in favor of companies developing digital capabilities in the context of digital transformation and offers theoretical insight into the contradiction between the potential value of digital capability and companies’ practice.

The digital economy (DE) plays a crucial role in green innovation (GI) and green development as a new economic form. Based on the panel data of 274 Chinese prefecture-level cities from 2011 to 2019, this paper constructs a comprehensive DE index and conducts two-way fixed effect regression to explore its impact on GI capabilities and examines the mediating effect of industrial structure transformation and upgrading. The research results show that: (1) The development of the DE has significantly improved the GI capability of cities. (2) In terms of space, the development of DE and GI ability development in eastern cities outperform that in central and western regions. However, the development of eastern cities is almost saturated and slow, while the development of central and western cities is faster. (3) The DE has a significant role in promoting GI capabilities in the central and western regions. Although the eastern region has a positive impact, it is negligible. In terms of urban scale, the DE of the large, medium, and small cities positively affects GI capabilities to the effect. (4) The transformation and upgrading of the industrial structure mediate the relationship between the DE and GI. Based on the above conclusions, relevant suggestions for improving GI capabilities around the development of the DE and industrial transformation and upgrading must be devised.

The escalating global climate crisis has increased scholarly and practical attention to green investment as a key driver of corporate sustainability. From a systems perspective, enterprises can be viewed as complex socio-technical systems in which green resource allocation, technological innovation, and digital transformation interact dynamically. Against this background, this study examines how green investment (GI) affects corporate digital value (DV) and whether green technological innovation (GTI) serves as a transmission mechanism in this relationship. Using panel data from 15,244 firm-year observations of Chinese A-share listed companies from 2012 to 2024, this study applies panel data estimation methods to test the proposed relationships. The results show that GI significantly enhances DV, indicating that green resource allocation can strengthen firms’ digital value creation. GTI plays a partial mediating role in the relationship between GI and DV, suggesting that green investment contributes to digital value not only directly but also by stimulating technological innovation within the corporate system. Further heterogeneity analysis reveals that the positive effect of GI on DV is more pronounced among state-owned enterprises and firms located in eastern regions. These findings enrich the literature on green–digital transformation by highlighting the systemic linkage between green investment, green technological innovation, and digital value creation. They also provide practical implications for policymakers and corporate managers seeking to promote coordinated low-carbon and digital development through more effective green investment and innovation strategies.