Using the panel data,this paper takes the data of A-share listed companies in the heavily pol-luting industries in Shanghai and Shenzhen from 2011 to 2022 as a research sample,and analyzes the relationship between environmental,social and corporate governance(ESG)and the financial perform-ance of listed companies in the heavily polluting industries,as well as the mediating effect of green in-novation between the two.The results show that the ESG performance of heavily polluting industries can significantly improve the financial performance of enterprises,and the results are still valid after passing the robustness test.Green innovation plays a mediating effect between ESG performance and corporate financial performance,and ESG performance is positively correlated with green innovation.The analysis of property heterogeneity shows that the positive correlation between the ESG perform-ance of non-state-owned enterprises and the financial performance of enterprises is more significant than that of state-owned enterprises.The results of this study provide empirical evidence for the green development of enterprises.
万方数据
