With the increasing public demand for sustainable development,corporate ESG per-formance has gradually attracted the attention of all sectors at home and abroad,and has had a non-negligible impact on corporate production and oper-ation.Whether the incorporation of Environmental,Social and Governance(ESG)standards into en-terprise construction and the resulting ESG advan-tages can become a key factor in promoting the total factor productivity of enterprises and the role of innovation in it deserve in-depth study.Based on the data of Chinese A-share listed companies from 2009 to 2022,this article explores the impact of corporate ESG performance on total factor produc-tivity and its transmission mechanism from the per-spective of innovation.It is found that ESG advan-tages can effectively enhance corporate total factor productivity.The results of the mechanism test indicate that ESG construction mainly releases cor-porate innovation effectiveness through promoting innovation output,improving innovation efficiency,and enhancing innovation quality at three levels,which in turn improves corporate total factor pro-ductivity.The results of heterogeneity test show that the enhancement effect of ESG advantages on total factor productivity is more significant in large enter-prises and state-owned enterprises.Accordingly,it is necessary to accelerate ESG governance,encourage enterprises to assume social responsibility,stand-ardize and improve the institutional mechanism of ESG information disclosure,release enterprise innovation effectiveness,and help enterprises develop with high quality.
ESG performanceTotal factor productivityInnovationHigh-quality development
NETL
NSTL
维普
万方数据
