The impact of digital transformation on corporate financing constraints: Based on the analysis of internal and external dual paths

Financing constraints are an inevitable problem in the long-term development of enterprises. Under the background of the rapid development of digital technology, it is of great significance to explore whether digital transformation can alleviate capital constraints through technology empowerment. This paper selects Shanghai and Shenzhen A-share listed companies from 2018 to 2022 as the research object, and explores the impact of enterprise digital transformation on financing constraints. The study found that digital transformation can significantly alleviate financing constraints. Mechanism analysis shows that digital transformation can reduce the level of financing constraints by improving the quality of internal control and media attention. This paper enriches the research perspective of the impact of digital transformation on financial constraints, and brings some enlightenment for enterprises to promote digital transformation in practice.