Based　on　the　perspective　of　the　innovation　value　chain,　sci-tech　innovation　is　divided　into　two　stages:　R&D　and　achievement　transformation.　This　paper　uses　panel　data　from　25　provinces　in　China　as　the　sample.　We　utilize　a　two-way　fixed　effect　model,　spatial　Dubin　model,　and　panel　threshold　model　to　discuss　the　impact　of　two-stage　innovation　efficiency　on　the　value　of　the　green　brand,　the　spatial　effect　of　this　impact,　and　the　threshold　role　of　intellectual　property　protection　in　the　process.　The　results　indicate　that:　(1)　the　two　stages　of　innovation　efficiency　have　a　positive　impact　on　the　value　of　green　brands,　and　the　effect　of　the　eastern　region　is　significantly　better　than　that　of　the　central　and　western　regions.　(2)　The　spatial　spillover　effect　of　the　two　stages　of　regional　innovation　efficiency　on　the　value　of　green　brands　is　evident,　especially　in　the　eastern　region.　(3)　The　innovation　value　chain　has　a　pronounced　spillover　effect.　(4)　The　single　threshold　effect　of　intellectual　property　protection　is　significant.　When　the　threshold　is　crossed,　the　positive　impact　of　the　two　stages　of　innovation　efficiency　on　the　value　of　green　brands　is　significantly　enhanced.　(5)　The　influence　of　economic　development　level,　openness,　market　size,　and　marketization　degree　on　the　value　of　green　brands　shows　remarkable　regional　differences.　In　conclusion,　this　study　contributes　to　understanding　green　brands＇　growth　and　provides　important　implications　for　developing　independent　brands　in　various　regions　of　China.