<p>Based on the data of Shanghai and Shenzhen A-share Listed companies from 2009 to 2022, this paper measures and analyzes the marketization level of capital factors and the green development capacity of 31 provinces across the country. It uses the panel fixed effect model to test the impact and mechanism of the marketization level of capital factors on the green development capacity of enterprises. The research results show that the marketization level of capital factors significantly improves the green development capacity of enterprises. The mechanism analysis results indicate that enhancing the development level of the digital economy strengthens the promoting effect of the marketization of capital factors on the green development capacity of enterprises; the marketization of capital factors mainly affects the green development capacity of enterprises by increasing environmental attention. This paper puts forward the following suggestions for how to enhance the green development capacity of enterprises: further, deepen the reform of factor marketization, accelerate the development of the digital economy, and shape the social image of enterprises. This paper expands the research on the economic consequences of the marketization of capital factors and the influencing factors of the green development capacity of enterprises. Also, it has important implications for promoting the further development of the marketization of capital factors in China.</p>