Abstract: Against the backdrop of the convergence between the digital economy and the dual carbon goals,promoting the coordinated digital and green transformation of manufacturing enterprises—known as “dual transformation and coordination”—to enhance corporate value has become a key strategy for cultivating new productive forces and building a modern industrial system.However,enterprises still face practical challenges in advancing this dual transformation:green innovation activities often require high investment and long cycles,with insufficient internal motivation; simultaneously,digitalization and greening involve multidimensional integration across technology,management,and strategy,which can easily trigger resource conflicts and path dependencies,hindering the formation of synergistic effects.Existing research predominantly analyzes transformation drivers from single perspectives (such as policy or finance) or statically examines linear relationships between “dual transformation” and performance,failing to deeply reveal the dynamic interactions among multiple actors—such as enterprises,technology,and finance—and their underlying complex mechanisms. To address the aforementioned research gap,this study constructs a tripartite evolutionary game model involving“core manufacturing enterprises—digital technology providers—financial institutions”.From a dynamic strategic interaction perspective,it systematically derives the intrinsic mechanisms and evolutionary pathways driving the triadic synergy of “digitalization-greening-enterprise value” through green innovation quality.The model innovatively incorporates management IT background and firm dynamic capabilities as key mediating variables,while introducing supply chain finance level as a moderating variable.Building on this framework,the study utilizes data from A-share listed manufacturing firms from 2019 to 2023.It employs a coupling coordination degree model to measure the level of “dual transformation and coordination” and applies a serial multiple mediator model to empirically test theoretical propositions. The key findings of this study are as follows:First,the quality of corporate green innovation directly and significantly promotes the synergistic enhancement of “dual transformation and coordination” and corporate value.Second,this effect is primarily achieved through a chained mediation pathway of “enhancing management's IT background → strengthening corporate dynamic capabilities”,revealing a micro-level transmission mechanism of “technology empowerment → management adaptation → capability reconstruction”.Third,supply chain finance exhibits a double-edged sword effect:while it can directly alleviate financing constraints,excessively high levels negatively moderate the positive impact of green innovation quality on managerial IT background and the triadic synergy.This indicates that overreliance on external financing may crowd out internal capability building,triggering “resource substitution” risks. The theoretical contributions of this study are as follows:First,by integrating dynamic simulations of evolutionary games with empirical testing,it constructs an analytical framework for understanding the complex generative mechanisms of “dual transformation and coordination”,bridging the gap between static research and dynamic processes.Second,it uncovers the chained transmission pathway of “green innovation—IT management—dynamic capabilities—synergistic value”,along with the nonlinear regulatory role of supply chain finance in this process,deepening our understanding of multi-factor coupling and interaction mechanisms.Third,it examines corporate micro-level decision-making within a “technology-management-finance” multi-dimensional ecosystem,providing a more systematic micro-foundation for understanding the synergy between digital transformation and green transformation. Based on the research findings,this paper proposes the following tiered policy recommendations:Enterprises should focus on high-quality green innovation,optimize management teams to recruit IT-savvy professionals,strengthen dynamic capability development,and prioritize balancing external financing with internal capacity building when utilizing supply chain finance to mitigate resource dependency risks.Government departments should establish a differentiated policy incentive system,lowering transition barriers through initial subsidies and tax incentives,while refining green finance mechanisms to channel capital toward substantive innovation.Financial institutions and technology service providers should upgrade to“enabling services”,deeply embedding themselves in enterprises' digitalization and green transformation processes to achieve co-creation of value. This study provides crucial theoretical foundations and decision-making references for enterprises to effectively advance the deep integration of digitalization and green transformation in complex environments,thereby achieving sustainable development.Future research may further explore the differentiated impacts of industry-specific characteristics and regional institutional environments on the aforementioned mechanisms,while incorporating longer-term dynamic panel data to capture the temporal patterns of “dual transformation and coordination” evolution.