An empirical study and evolutionary game analysis of computing power factors promoting enterprise green investment.

Corporate green investment plays an important role in industrial decarbonization, but the influence of computing power on firms' investment incentives remains insufficiently understood, particularly with respect to collaboration across enterprises and the allocation of risks and returns. This study combines a tripartite evolutionary game model with panel analysis at the firm level. The model describes strategic interactions among providers of computing power services, enterprises in heavily polluting industries, and enterprises in other industries. It examines how computing power changes project costs, technical risks, collaborative returns, and expected profitability. The theoretical results identify the conditions under which the system moves from an equilibrium characterized by limited computing enablement and low green investment to one characterized by extensive computing enablement and collaborative green investment. The theoretical prediction is subsequently examined using panel data from companies listed in China's A share market. The empirical results indicate that access to computing power is positively and significantly associated with corporate green investment, with a stronger relationship among companies under state ownership and larger companies. Additional analyses provide evidence consistent with the roles of R&D collaboration across enterprises and improved profitability. These findings suggest that computing infrastructure can support corporate green transformation when its economic and collaborative benefits outweigh the costs of access and energy use. Policy measures should therefore combine infrastructure expansion with efforts to reduce access barriers and strengthen the digital and financial capabilities of firms with limited resources. This paper provides a novel framework that integrates digital infrastructure with green transformation policies, offering practical insights for policy coordination and enterprise decision-making in the context of sustainable development.