In recent years, the concept of ESG has attracted attention from all walks of life, and the performance of enterprise ESG is becoming more and more important in the financing process. Based on panel data of listed Chinese A-share companies from 2009 to 2021, this paper empirically studies the potential impact of ESG performance on financing structure. The study finds that companies with better ESG performance will have a higher growth rate of book (or market) leverage. Among them, corporate governance is the most significant contributor. In addition, the impact of ESG performance on corporate financing structure is more significant for companies with non-SOE background and is weaker during the COVID- 19 period.