Abstract:Based on the data of China's A-share listed companies from 2015 to 2021, the impact mechanism of digital transformation on enterprises' green innovation efficiency was empirically analyzed by using fixed effect model, intermediary model and moderating effect model with intermediary variables, focusing on the mediating role of dynamic capability and the moderating role of ESG. The results are as follows. Digital transformation can significantly promote the efficiency of green innovation in enterprises, and the moderating effect of ESG partly acts through the dynamic ability of mediating variables, that is, there is a mediating moderating effect. Compared with non-high-tech enterprises, the digital transformation of high-tech enterprises is more significant in improving the efficiency of green innovation. The digital transformation of enterprises in different locations has different impacts on green innovation efficiency, and the efficiency improvement degree is central > eastern > western.