Financing decisions are crucial in the field of corporate financial management, serving as a fundamental guarantee for value creation. Against the backdrop of unprecedented global challenges such as the COVID-19 pandemic and economic recession, financial market risk premiums are rising, and companies are facing unprecedented difficulties in financing. Therefore, addressing the dual challenges of increased risk due to uncertainty and the impact on profit growth from the transition to high-quality economic development is not only theoretically significant but also highly relevant in contemporary China. In the realm of corporate financing, scholars have identified information asymmetry as a crucial factor influencing financing costs. Existing literature primarily explores the impact factors of corporate financing costs based on financial information such as accounting information quality and financial announcements. With the rise of global environmental and social risks leading to financial information failures, non-financial information symbolizing the concept of sustainable development, especially the Environmental, Social, and Governance (ESG) dimensions, is gaining widespread attention. ESG has gradually become a crucial factor affecting financing costs, often referred to by investors as the "second financial report" of a company. Amid the urgent need, as highlighted in the 19th Fifth Plenary Session, to promote a comprehensive green transformation and achieve goals such as carbon neutrality and peak carbon emissions, exploring how ESG disclosure can empower micro-enterprises for high-quality transformation becomes a significant research question. Firstly, ESG disclosure transparency signals high-quality development to shareholders, thus increasing their expectations of future earnings. ESG information disclosure transparency is examined based on the quantity of disclosure, given the subjective nature affecting the quality of non-financial information. The study comprehensively investigates the differential impact of ESG disclosure transparency and its three dimensions on equity financing costs, debt financing costs, and overall corporate financing constraints. Economic policy uncertainty is explored as a moderating factor, leading to the conclusion that ESG disclosure transparency significantly reduces equity financing costs, primarily in the long-term value-oriented environmental and social responsibility dimensions. However, transparency in governance, which includes short-term profit-oriented disclosures, increases equity financing costs. Additionally, economic policy uncertainty weakens the negative relationship between ESG disclosure transparency and equity financing costs by dampening shareholder expectations. Secondly, ESG disclosure transparency increases debt financing costs as it leads debt holders to anticipate companies dispersing too many resources into long-term projects, potentially reducing short-term debt repayment capabilities. This expectation results in higher risk demands, subsequently elevating debt financing costs. Similar to equity financing, the effects are more pronounced in the long-term value-oriented environmental and social responsibility dimensions, while transparency in governance reduces debt financing costs. Economic policy uncertainty, considered in the short-term risk considerations of banks, is found to weaken the positive relationship between ESG disclosure transparency and debt financing costs, alleviating concerns about non-financial risk factors. In conclusion, this study provides three key insights. Firstly, listed companies should strive to enhance ESG disclosure transparency, recognizing it as an essential factor in alleviating external financing constraints. Simultaneously, companies should accelerate the transformation of their financing structure, gradually reducing reliance on debt financing, increasing equity financing proportions, and maximizing the utility of ESG disclosure in reducing external financing costs. This approach enhances financial support for the real economy, injecting new energy into solving financing challenges and promoting high-quality transformation and development. Secondly, external investors, both shareholders and bank creditors, need to embrace ESG value investment principles. Shareholders should support high-quality sustainable enterprises to avoid market non-financial risks and achieve long-term stable returns. Bank creditors should adopt a long-term perspective, integrating ESG risks into financial institution risk assessment systems, establishing long-term cooperative lending relationships, and transitioning towards green and responsible banking to avoid short-sighted pitfalls. Thirdly, government regulatory authorities should actively promote the construction of ESG disclosure systems, increase overall ESG disclosure proportions for listed companies in China, and achieve the "triple dividends" of economic growth, environmental protection, and social fairness. Additionally, they should guide financial resources and supportive policies toward green development industries, optimizing resource allocation efficiency, and providing assurance for the shift of China's economic development model from resource consumption to sustainable development. Different from previous literature, this paper contributes in four main aspects. Firstly, it enriches the study of influencing factors on corporate financing costs from the perspective of non-financial information disclosure, overcoming the limitations of previous research that predominantly focused on the impact of financial information. Secondly, it expands the economic consequences literature in the emerging field of ESG in developing countries, providing insights not only from the corporate financing behavior perspective but also from the information disclosure standpoint. Thirdly, it uncovers the "ambiguity" of the economic consequences of ESG information disclosure by exploring different types of financing costs. This provides empirical evidence to resolve disputes about the impact of non-financial information disclosure on financing costs. Lastly, the study introduces a novel approach for causal identification by utilizing third-party market shocks, offering a reference for future ESG research to overcome endogeneity issues in economic consequence studies.