Research On The Effect Of ESG Performance On Total Factor Productivity Of Enterprises

China’s economy is in the critical period of high-quality development.We must unswervingly apply the new development philosophy to the whole process and all areas of development,and strive to achieve the goal of "30·60" carbon peaking and carbon neutrality.At the same time,the Party’s report on the 20 th National Congress of the Communist Party of China clearly pointed out that we should promote the "qualitative and effective improvement and reasonable growth of quantity" of the economy,and strive to raise total factor productivity,so as to promote the country to achieve high-quality development.In this context,environmental,social and corporate governance(ESG),as an important standard to identify the level of high-quality development,advocates that enterprises pay attention to improving the performance of environmental responsibility,social responsibility and corporate governance in the development process,and emphasizes the parallel of economic value and green development,which is highly consistent with the objective connotation of the new development concept.Therefore,under the guidance of "new development concept" and driven by "double carbon" goal,green transformation has become an important demand for high-quality development of enterprises.However,as the main factor affecting the progress of "double carbon" goal,heavy polluting enterprises are difficulties and pain points in the process of high-quality development and sustainable development of Chinese enterprises.Based on the above background,this paper takes heavily polluting A-share listed companies from 2011 to 2021 as research samples.With the help of fixed effect model,the influence of ESG performance,E,S and G on the total factor productivity and the interaction of E,S and G on the total factor productivity are discussed.Furthermore,partial intermediary effects of financing constraint,green innovation and human capital play,as well as differences in internal control quality,ownership nature,analyst attention and marketization process are further analyzed Qualitative action.The results show that:(1)enterprise ESG performance can promote the improvement of total factor productivity;(2)The environmental responsibility performance(E),social responsibility performance(S)and corporate governance performance(G),of heavy polluting enterprises can improve the total factor productivity,but compared with the corporate governance performance(G),the environmental responsibility performance(E)and social responsibility performance(S)have more obvious effects on the total factor productivity of heavy polluting enterprises.(3)E,S and G have interactive effects in the process of promoting total factor productivity.Corporate governance performance can positively promote the role of environmental responsibility performance and social responsibility performance on total factor productivity;(4)In terms of intermediary mechanism,enterprise ESGs promote the improvement of total factor productivity by easing financing constraints,improving green innovation ability and improving human capital level;(5)In terms of heterogeneity analysis,the improvement effect of ESG performance on total factor productivity is more significant in enterprises with higher internal control quality,stateowned enterprises,enterprises with higher attention from analysts,and enterprises in regions with higher marketization process.The innovation of this paper: On the basis of the comprehensive performance of ESG,the performance of the three subdivision dimensions of E,S and G and the impact of their interaction on the total factor productivity are discussed,which broadens the research horizon of the impact of ESG performance and total factor productivity,and has certain theoretical and practical significance.It is helpful to analyze the key factors of the improvement of the total factor productivity of Chinese heavy polluting enterprises from the perspective of ESG heterogeneity,so as to put forward targeted suggestions for the green transformation and high-quality development of Chinese heavy polluting enterprises.