Impact of the Degree of Digital Transformation on the High Quality of Business Development

China's economic and social growth is significantly impacted by how to support the high-quality development of businesses. Using A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as the research object, this paper tests the intermediary mechanisms of financing constraints, information asymmetry, and government subsidies, as well as the heterogeneous characteristics of whether the enterprises are state-owned or not, whether they are high-tech or not, and the regionality of the enterprises. It also empirically analyzes the impact of digital transformation on the high-quality development of enterprises. The research concludes that: digitalization can promote the high-quality development of enterprises by reducing financing constraints, increasing government subsidies, and increasing information asymmetry; and the promotional effect of the digital transformation on the high-quality development of enterprises is more significant in the eastern enterprises and state-owned enterprises. The study finds that the digital transformation of enterprises can significantly promote the high-quality development of enterprises, and the conclusion still holds after a series of robustness and endogeneity tests. The results add to the body of knowledge on enterprise high-quality development and digital transformation research. They also offer theoretical pointers for furthering the growth of enterprise high-quality initiatives.