The Interaction of Digital Knowledge Stock, Financing Constraints, and ESG Performance: A PVAR Analysis of Panel Data from China’s A-Share Listed Companies

This study empirically examines the dynamic interactions among digital knowledge stock, financing constraints, and corporate ESG performance using panel vector autoregressive models based on data from China's A-share listed companies during 2014-2023.The findings reveal that all three variables exhibit selfreinforcing characteristics.Specifically, digital knowledge stock demonstrates an initial inhibitory effect followed by subsequent promotional influence on ESG performance, while ESG performance shows shortterm resource crowding effects.Regarding financing constraints, digital knowledge stock manifests a dual impact of initial aggravation followed by eventual alleviation.Although financing constraints can temporarily stimulate digital knowledge accumulation, they simultaneously hinder ESG performance.Conversely, enhanced ESG performance consistently mitigates financing pressures.These findings provide valuable insights for enterprises worldwide in balancing digital transformation with ESG investments while alleviating financing constraints.