The Impact Of ESG Information Disclosure On Financial Performance

The proposal of the dual emission reduction goals of "carbon peak in 2030 and carbon neutral in 2060" not only puts forward specific requirements for high-quality development of China’s current economy,but also highlights the importance that the country attaches to the concept of green environmental protection.The realization of this goal requires the energetic participation of monetary facilities,a high degree of notice to the role of ecological and environmental elements in the promoting and optimization of various industries,and the inclusion of environmental risk in institutional investment decisions.The proposal of the dual carbon goal is actually a requirement for all financial industries.Financial institutions must take care of the impact of ecological and environmental elements on the majorization and organizational promoting of the total field,and take circumstance risk as one of the elements considered in Organizational investment decision-making mechanisms.ESG information expose is according to stakeholder criterion and the principle of sustainable development.It synthetically assays the representation of companies at the levels of environment,social responsibility,and governance,in order to comprehensively evaluate their value creation ability in the later stage,and find potential investment targets for sustainable development,which is instrumental in advancing integrated development between society and economy.At the same time,in foreign countries,ESG constitutes a huge market scale,and the performance of enterprise ESG information disclosure has attracted the attention of regulatory authorities,stakeholders,and institutional investors.On the way to pursuing the dual carbon goal,green innovation is an important guarantee for ensuring economic and social benefits,and is also a necessary strategy to achieving higher quality development.This article aims to explore whether ESG information disclosure will have an impact on financial performance in the context of green innovation.First,it introduces the domestic and international background discussed in this article and the significance of empirical research.It also organizes the literature on the relationship between enterprise ESG information disclosure,green innovation,and financial performance in academic research history.In view of corporate social responsibility theory,Porter theory,stakeholder theory,and information asymmetry theory,this article uses domestic listed companies rated by the China Securities ESG system from 2016 to 2020 as an empirical sample,selects fixed effect models,and controls industry and time variables,This paper analyzes the relationship between ESG information disclosure,green innovation,and financial performance of listed companies,and conducts a robustness test and subsequent heterogeneity analysis.The final conclusions are as follows:(1)ESG information disclosure has a promoting effect on corporate financial performance.Green innovation plays a mediating role in ESG information disclosure and financial performance.(2)Further heterogeneity analysis indicates that the higher the quality of ESG information disclosure for enterprises in highly market-oriented regions,non-state owned enterprises,highly polluting industries,and enterprises with high information transparency,the more positive the impact on their financial performance.Based on this,policy recommendations for optimizing information disclosure in corporate environment,society,and corporate governance,as well as improving financial performance,and achieving sustainable development of enterprises and society are proposed from three different levels: the state,enterprises,and society.