ESG表现对企业财务绩效的影响

——基于融资约束、信息透明度双重机制检验

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中图分类号：F275.5 文献标识码：A doi：10.3969/j.issn.1672-2272.202506033

Abstract：Enterprise ESG（Environmental， Social，and Governance） performance serves as a core indicator of sustainable development capacity，making research on its impact mechanism on financial performance both theoretically and practically significant.Based on panel data from China's A-share listed companies spanning 20l2 to 2023， this study employs multidimensional fixed-effects and dual mediation effects models to systematically analyze the impact of ESG performance on corporate financial outcomes and its underlying transmission pathways. Empirical results demonstrate that ESG performance significantly enhances corporate financial performance—a conclusion that remains robust across a series of rigorous tests. This effect proves particularly pronounced among private enterprises and in low-competition industries. Financing constraints and corporate information transparency function as significant mediators between ESG performance and financial outcomes. This research provides empirical evidence for strengthening corporate governance eficacy and reducing investor information risks，enabling enterprises to capture capital market premium advantages through improved ESG ratings and achieve sustainable development.

Key Words： ESG Performance； Corporate Financial Performance； Information Transparency；Financing Con-straints

0 引言

随着全球市场竞争加剧与可持续发展理念深化，企业绩效评估体系正经历深刻变革。（剩余10616字）