Based on the resource dependence theory and dynamic capability theory, this study collects data samples of ChiNext companies from 2012 to 2022 to reveal the impact mechanism of digital technology applications on the growth of ChiNext companies. Research has found that the application of digital technology by ChiNext companies has a significant positive impact on their growth, and this impact is more pronounced in private enterprises, large enterprises, enterprises in the eastern region, and enterprises in provinces with higher levels of digital economy development. Further research has found that the positive impact of the application of digital technology on the growth of ChiNext companies is moderated by the threshold of dynamic capabilities, and the impact becomes significantly positive after crossing this threshold.