Abstract: Enterprise digital transformation is an essential part of the digital China strategy and the only route promoting the high-quality economic development, while the stable and sufficient exogenous financing is a key factor affecting the digital transformation of the enterprises. Based on the data of A-share listed manufacturing enterprises in China from 2009 to 2020, this paper conducts anempirical study by integrating both traditional finance and digital finance into the analytic framework of the external motivations of enterprise digital transformation. The findings show that the improvement of the availability of traditional finance has effectively promoted the enterprise digital transformation, the reduction of financing constraints, financing costs, and information asymmetry is an important route for the traditional finance to play a role. The development of digital finance also boosts the enterprise digital transformation and complements the traditional finance. In the regions with relatively underdeveloped financial sectors, the traditional finance plays a even more critical role in promoting the enterprise digital transformation, just like a timely support; whereas in the regions with richer financial resources, digital finance is playing a more prominent role, just like icing on the cake. The promotion effect of the traditional finance is mainly embodied in the fine-quality enterprises with lower financial mismatch, higher production efficiency, or higher innovation levels; while the digital finance has a more inclusive promoting impact. Therefore, it is necessary to let the digital finance to play a better complementary role on the basis of strengthening the traditional finance, so as to collaboratively servethe digital transformation of the real enterprise and promote the high-quality economic development.

Key words: traditional finance, digital finance, enterprise digital transformation, financial geographic structure