Based on the data of Shanghai and Shenzhen A-share listed enterprises from 2011 to 2021,this paper conducts an empirical analysis to explore the impact of corporate ESG responsibili-ty fulfillment on their high-quality development.Research has found that fulfilling corporate ESG re-sponsibilities can promote high-quality development of enterprises,and has a more significant pro-moting effect on state-owned enterprises,polluting industry enterprises,and enterprises in the growth and maturity stages.After robustness and endogeneity tests,the conclusion still holds.The mechanism test found that actively fulfilling ESG responsibilities can promote high-quality develop-ment of enterprises through two ways:alleviating financing constraints and enhancing corporate repu-tation.Against the backdrop of the booming development of digital finance,this article also exam-ined the moderating effect of digital finance.The results showed that the development of digital fi-nance can promote a positive relationship between corporate ESG responsibility fulfillment and high-quality development.Among them,the moderating effect of digital finance coverage breadth and inclusive finance digitalization degree is more significant than the depth of digital finance use.Further research has shown that fulfilling corporate environmental and social responsibilities can sig-nificantly improve the quality of corporate development.
万方数据
维普
