Analysis of the Influence Mechanism of Digital Transformation on the New Quality Productivity of Enterprises --The Mediating Role of Financing Constraints and ESG Ratings

Based on the panel data of A-share listed companies from 2011 to 2022, this paper empirically tests the impact and transmission mechanism between enterprise digital transformation and enterprise new quality productivity. The results show that enterprise digital transformation has a significant driving effect on enterprise new quality productivity, and the conclusion still holds after a series of robustness tests. In terms of the impact mechanism, firms drive the level of firms’ new quality productivity by alleviating financing constraints and improving firms’ ESG performance, and digital transformation significantly enhances new quality productivity in SOEs, large firms, and technology-intensive industries.