ESG实践对高污染行业环境绩效的影响研究

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中图分类号：TP392：TQ116.02 文献标志码：A文章编号：1001-5922（2026）1-0173-04

Abstract：Basedonthe panel data of listed companies in China’schemical，steel，building materials，papermaking， energyand other industries from 2O14 to 2O23，a two-way fixed efects model was constructed to examine the action path and key moderating factors of ESG performance on pollutant emisson intensity per unit of output value.The results show thatfor every 1-unit increase incorporate ESG performance，the pollutant emission intensity perunitof output value decreases significantly by O.128 units，showing a significant negative correlation at the 1% level，which directly confirms the positivedriving effectof ESG practices on polution control in heavily poluting industries;；the expansion of enterprise scale and the enhancement of government subsidies can synergistically strengthen the role of ESG in improving environmental performance： the scale efect is conducive to optimizing esource allocation to reduceemission intensity，while policy subsidies further amplifytheemission reduction efect ofESG practices by alleviating the cost presure of enterprises’ green transformation；the direct impact of enterprise operating life on environmental performance does not reach statistical significance.This study provides empirical evidence for heavily polluting enterprises to optimize ESG resource allocation and identifythe synergistic focus of scaleand policies，and alsooffrsscientific reference for policymakers to improve environmental incentive mechanisms，which is helpful to promote the deep integration of economic growth and ecological sustainable development under the“dual carbon” goal.

Key words： High pollution industry ;ESG performance; environmental performance;pollution emission intensity

高污染行业作为国民经济的重要支柱，在推动工业化进程与经济增长的同时，也带来了严峻的环境挑战。（剩余4708字）