Research on the Impact of ESG Development on New Quality Productive Forces of Enterprises—Empirical Evidence from Chinese A-share Listed Companies
This article is based on financial statement data of listed companies from 2015 to 2022,and empirically studies the impact of ESG develop-ment on new quality productive forces of enterprises.The results show that ESG development has a significant promoting effect on the level of new quali-ty productive forces of enterprises.Mechanism research shows that ESG development can improve the relationship between enterprises and stakeholders,reduce intermediate and debt financing costs,increase institutional shareholding ratios,and promote the improvement of new quality productive forces levels of enterprises.The results of heterogeneity analysis show that the development of ESG has a more significant impact on promoting the level of new quality productive forces in non-state-owned enterprises,small and micro enterprises,and entity enterprises.The research results provide useful empiri-cal evidence for promoting the development of enterprise ESG,accelerating the formation of new quality productive forces,and promoting high-quality development of enterprises.