企业提升ESG表现能降低财务风险吗？

——经济政策不确定性的调节效应

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中图分类号：F832 文献标识码：Adoi：10.3969/j.issn.1672-2272.202507059

Can Improving ESG Performance Reduce Financial Risk for Enterprises？ The Moderating Effect of Economic Policy Uncertainty

Lian Meiqi （School of Finance，Xinjiang University of Finance & Economics，Urumqi 83ool2，China）

Abstract：Against the backdrop of China's economic transformation towards high一quality development and the complex and volatile macro policy environment，how enterprises can enhance their risk一resistance capabilities by improving their ESG performance has become a key issue related to sustainable development. This study explores the relationship between corporate ESG performance and financial risk under economic policy uncertainty，with significance for clarifying their interactions and guiding practice.Using data from Chinese A-share listed companies，we conducted an empirical study by constructing a correlation model，introducing economic policy uncertainty as a moderating variable， performing heterogeneity tests on state-owned and non-state-owned enterprises，and verifying internal paths through mechanism tests.We found that corporate ESG performance is significantly negatively correlated with financial risk—improved ESG performance reduces financial risk—while economic policy uncertainty strengthens this negative impact，which is more pronounced in non-state-owned enterprises; mechanistically，ESG performance resists financial crises by enhancing corporate risk-taking capacity. This study provides new evidence for their interactions，offers practical guidance for enterprises to improve ESG management and risk resistance，and references for understanding ESG effect differences across ownership structures.

Key Words：ESG Performance；Financial Risk；Economic Policy Uncertainty；Corporate Risk-Taking Capacity

0 引言

在宏观经济向高质量发展转型的背景下，企业作为微观经济运行的核心主体，其行为模式与实践成效直接影响整体经济质量。（剩余14063字）