Abstract: As an advanced form of resource allocation, New Quality Productivity has become crucial for driving highquality development. However, corporate development of New Quality Productivity ultimately depends on the balance of resource allocation achieved through the interplay between non-market and market strategies. Based on Resource-Based Theory and utilizing panel data from A-share listed companies during 2010-2023, this study employs a high-dimensional fixed effects model to empirically examine the driving effect of corporate ESG performance on New Quality Productivity. It further investigates the mediating mechanism of organizational slack resources and the moderating role of digital transformation. Key fi ndings include: (1) Superior ESG performance signifi cantly enhances New Quality Productivity; (2) Both non-precipitated slack resources and unabsorbed slack resources partially mediate the impact of ESG performance on New Quality Productivity; (3) Digital transformation positively moderates the productivity-enhancing eff ects of both types of slack resources; (4) Heterogeneity analysis reveals that ESG initiatives exert stronger productivity eff ects in state-owned enterprises (SOEs) and non-heavypolluting industries, while non-SOEs and heavy-polluting enterprises demonstrate greater reliance on slack resource mediation pathways. This research not only extends the “institution-resource-capability” analytical framework in strategic management theory but also provides practical insights for optimizing corporate resource allocation and advancing New Quality Productivity at the micro level.