The Impact of Digital Transformation on Corporate ESG Performance--Dual Path Analysis Based on Financing Constraints and Government Regulation

Against the backdrop of rapidly accelerating digital transformation, corporate performance in the areas of Environment, Social and Governance (ESG) has become a key indicator of corporate sustainability and long-term competitiveness. This paper explores the intricate mechanism of digital transformation on corporate ESG performance, utilizing the data of Chinese A-share listed companies from 2013 to 2023. By constructing a two-path analytical framework and a panel regression model, this study finds that corporate digital transformation significantly enhances the overall corporate ESG performance through the mediating channels of alleviating financing constraints and strengthening government regulation. The impact is particularly prominent among state-owned enterprises and firms with relatively low market competitiveness. The results provide a theoretical basis for policy makers to optimise the efficiency of resource allocation. They also offer practical guidance for enterprises to implement differentiated digital transformation strategies, which is of practical guidance value for regions with high financing constraints and policy-supported industries.