Using A-share commercial circulation enterprises from 2012 to 2022 as the research sample, this paper conducts an empirical examination of the impact of ESG (Environmental, Social, and Governance) performance on financing constraints and the moderating effect of digital transformation. The findings indicate that favorable ESG performance can significantly alleviate corporate financing constraints. Specifically, for every one standard deviation increase in the comprehensive ESG score, the improvement in financing constraints amounts to 7.66% of the total fluctuation range of the SA index, demonstrating clear economic significance. Digital transformation, through technological empowerment and efficiency enhancement, markedly strengthens the mitigating effect of ESG on financing constraints, with its positive moderating effect being statistically significant at the 1% level. Among the sub-dimensions of ESG, the Governance (G) and social (S) dimensions emerge as the primary drivers for easing financing constraints, while the environmental (E) dimension exerts an insignificant impact. After controlling for endogeneity using the instrumental variable approach and placebo tests, the conclusions remain robust. This study provides empirical evidence for commercial circulation enterprises in formulating a "digital-ESG" synergistic strategy, financial institutions in innovating ESG financial products, and governments in improving information disclosure systems.

Shen Qingqing. Research on the Mitigating Effect of ESG Performance on Financing Constraints in Commercial Circulation Enterprises: The Moderating Role of Digital Transformation. Academic Journal of Business & Management (2026), Vol. 8, Issue 3: 68-78. https://doi.org/10.25236/AJBM.2026.080308.

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