Abstract: The digital economy has become a new engine driving China's economic development. As an important micro carrier for promoting digitalization, enterprises have also had a significant impact on their financing behavior through digital transformation in this context. In recent years, the economy has been continuously declining, and enterprises are facing financing difficulties. Commercial credit financing, as an important alternative channel for bank credit, has obvious advantages such as convenience and low price. It is an important financing method for enterprises to alleviate financing constraints, and plays a key role in their debt structure. Most of the existing research on commercial credit financing focuses on digital inclusive finance, with little discussion on digital transformation. Therefore, this article attempts to fill this gap. From the perspective of digital transformation, using A-share enterprises in the Shanghai and Shenzhen stock markets from 2007 to 2022 as research samples, this article delves into the impact, mechanism, heterogeneity, and agency issues of digital transformation on commercial credit financing. The impact of investment efficiency and corporate performance is aimed at formulating scientific financing strategies for enterprises based on their own resource endowments. It also providing reference for the government to actively and effectively guide the digital transformation of enterprises, combining the internal and external environment of enterprises to do top-level design, guiding the digital transformation and upgrading of enterprises, and accelerating construction of digital economy.

Key words: digital transformation, trade credit financing, efficiency of investment