THE IMPACT OF ESG PERFORMANCE ON ENTERPRISE PERFORMANCE: BASED ON THE MEDIATING EFFECT OF GREEN INNOVATION

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This paper conducts an empirical study on Chinese A-share listed companies from 2009 to 2024 using Huazheng ESG rating data, focusing on how ESG performance affects corporate performance and its underlying mechanism. The empirical results show that the improvement of ESG performance has a significant positive effect on corporate performance, and this impact has a three-period lag effect. In the relationship between ESG performance and corporate performance, green innovation shows a significant partial mediating effect, indicating that the optimization of ESG performance can be transformed into the growth of corporate operating performance through stimulating green innovation. Heterogeneity analysis indicates that the promoting effect of ESG performance on corporate performance is more significant in enterprises in the eastern region and in the manufacturing industry. The research conclusions provide empirical evidence for enterprises to optimize ESG practices and carry out green innovation, as well as for the government to improve ESG supervision and green finance policies.

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