Actively practicing ESG concepts is an important way for manufacturing enterprises to achieve green and sustainable development.Based on the data of Chinese A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2009 to 2022,this paper examines the impact and mechanism of ESG performance on the financing efficiency of manufacturing enterprises.The results indicate that positive ESG performance significantly improves the financing efficiency of manufacturing firms through three mechanisms:meeting effective market demands,gaining investors'favor,and increasing firms'innovation outputs;the effects are more obvious for small-sized enterprises,enterprises with high media attention,and enterprises in high-polluting industries;the government strengthens the supervision over environmental policies,significantly enhancing corporate ESG performance's effects on the improvement of financing efficiency.The study reveals that ESG practices actively fulfilled by enterprises promote the development of green and low-carbon industries,realizing the national dual carbon goals.It provides policy insights for realizing the symbiotic and integrated development of enterprises and the social environment.
NETL
NSTL
万方数据
