Research On The Impact Of ESG Performance On The High-quality Development Of Manufacturing Enterprises

The manufacturing industry is an important foundation for economic development,and the high-quality development of the real economy is the core of driving the overall high-quality development of the economy.At present,China’s manufacturing enterprises still have problems such as full but not excellent and insufficient innovation power,and it is necessary to promote the high-quality development of manufacturing enterprises.At the same time,in the green economy transformation development,the concept of sustainable development is recognized by the public,and ESG investment concept is more and more valued by market investors,and academic circles also gradually start relevant research around enterprise ESG practice,the research content mainly focuses on the impact of enterprise ESG on enterprise value,financial performance and financing cost,but less scholars focus on the relationship between enterprise ESG performance and enterprise development.ESG is an evaluation of the non-financial performance of enterprises,which focuses on their actions to protect the environment,social responsibility and corporate governance performance,and is also a kind of value related to the sustainable development of enterprises.Is it necessary for companies to have better ESG performance and what is the impact of ESG performance on corporate development?In order to explore the impact of ESG performance on the quality of corporate development,this paper focuses on the correlation between ESG performance and high-quality corporate development,and further studies the relationship between the two based on mechanism analysis.This paper takes listed companies in the manufacturing industry from 2010 to2021 as the research sample,adopts individual and year two-way fixed effects models,based on sustainability theory,resource dependence theory,stakeholder theory,signaling theory and principal-agent theory,and examines in depth the correlation between ESG performance and corporate high quality development,and based on the perspective of the internal and external environment of corporate operation,deduces and examines the paths of ESG performance affecting corporate high quality development in terms of corporate financing Based on the perspective of the internal and external environment of enterprise operation,we derive and examine the paths of ESG performance influencing enterprise quality development from three aspects:corporate financing constraints,corporate information transparency,and corporate internal control,and further investigate whether there are differences in the relationship between ESG performance and enterprise quality development in enterprises with different characteristics and macro environment.The results of the study show that(1)ESG performance positively contributes to the high quality development of enterprises.Improving ESG level of enterprises lowers the threshold for enterprises to obtain strategic resources from stakeholders,improves their innovation ability,and helps enterprises establish good influence to win reputation,which helps enterprises achieve high-quality development.(2)ESG performance can play a resource effect by alleviating financing constraints,lowering the threshold for enterprises to obtain market resources,and promoting enterprises to achieve high-quality development.(3)ESG performance can play an information transfer effect by enhancing the transparency of corporate information,establishing a good corporate image,winning the recognition of consumers and other public,and promoting the high-quality development of enterprises.(4)ESG performance can play a governance effect by improving the level of internal control of enterprises,improving the internal supervision system,improving the effectiveness of business activities,and promoting high-quality development of enterprises.(5)In the sample of enterprises in state-owned enterprises,areas with high degree of digital transformation and poor business environment,the effect of improving ESG performance of enterprises to positively promote enterprises to achieve high-quality development is more obvious.Improving ESG performance of manufacturing enterprises can help achieve high-quality development of enterprises,and can play a role in three aspects: easing corporate financing constraints,enhancing corporate information transparency,and improving corporate internal control levels.In order to enable enterprises to actively participate in ESG practices and promote enterprises to achieve higher quality development,this paper finally puts forward policy suggestions from the perspective of multiple subjects,hoping that through the joint efforts of all social actors,we can play a synergistic role and promote better implementation of ESG strategies by enterprises.In general,this study analyzes the relationship between ESG performance and high-quality development of enterprises in a comprehensive and in-depth manner,which not only enriches the research on the high-quality development of micro-enterprises,but also provides a specific path for enterprises to achieve high-quality development.At the same time,it deepens enterprises’ understanding of the value creation function of ESG performance,and puts forward policy suggestions from all parties in society to strengthen corporate ESG practice,which has certain practical significance.