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Taking the Supply Chain Innovation and Application Demonstration Policy (SCIADP) implemented since 2021 as a quasi-natural experiment, this study constructs an analytical framework of “institutional external shock—supply chain operational efficiency—corporate ESG performance” based on Williamson’s transaction cost economics. Using panel data of Chinese A-share listed companies from 2013 to 2024, and employing a difference-in-differences (DID) approach combined with machine learning–based feature selection, the study systematically evaluates the policy’s overall effects, underlying mechanisms, and heterogeneous impacts.