In recent years,with the growing awareness of sustainable development,the ESG performance of companies has gradually received widespread attention from society and has had a sustained impact on business operations.Under the new development paradigm,it is worth exploring whether ESG performance can promote the improvement of corporate financial performance.This study uses data from A-share listed companies from 2012 to 2022 as a sample and employs empirical analysis to investigate the relationship between corporate ESG performance and financial performance.The research results in-dicate that in the short term,the costs associated with improving ESG performance exceed the benefits.However,continuous ESG practices can yield long-term positive effects,and strong ESG performance may bring excess profits to enterprises.Het-erogeneity analysis reveals that,compared to highly polluting companies,non-highly polluting companies see a more pro-nounced positive impact of ESG performance on financial performance.Therefore,companies should adopt long-term invest-ment strategies and develop comprehensive ESG management plans to ensure that ESG investments can gradually achieve long-term benefits.Non-highly polluting companies should increase environmental investments,gradually reduce the environ-mental impact through technological innovation and improvement of resource utilization rate,thereby boosting their sustainabil-ity and maximizing the positive impact of ESG performance on financial performance.
维普
万方数据