ESG Performance and Enterprises'Going Global:Path Mechanism and Empirical Examination
Promoting the synergistic development of carbon reduction,emission reduction,greening and growth is an important tool to achieve the goals of carbon peak and carbon neutrality on schedule.As the micro subjects of national economy,the concept of sustainable development is subconsciously affecting the monopoly advantage of their foreign direct investment.This paper empiri-cally analyzes the impact of improved ESG performance on enterprises"going out"based on the panel data of Chinese listed com-panies from 2010 to 2022,utilizing the two-way fixed effects of individual enterprises and time.Therefore,based on the panel da-ta of Chinese listed companies from 2010 to 2022,this paper empirically analyzes the impact of ESG performance improvement on enterprises'"going out"by using individual and time two-way fixed effects.The study finds that the improvement of ESG per-formance can significantly and robustly promote the"going out"of enterprises,and among the sub-dimensions,the governance performance has the most significant effect in promoting the"going out"of enterprises,while the environmental performance and social performance are relatively weak.The results of policy shocks show that the"Green Credit Guidelines"can accurately iden-tify the relationship between the improvement of ESG performance and enterprises'"going global".Heterogeneity analysis shows that the effects of ESG performance vary depending on the firm's ownership,size,management and industry.The moderating effect shows that enterprises'financing constraints,operational difficulties,and efficiency problems will weaken the effect of ESG performance enhancement on enterprises'"going out".The path analysis shows that ESG performance improvement can promote enterprises'"going global"by increasing enterprises'R&D investment,improving enterprises'total factor productivity and enhan-cing enterprises'green innovation ability.Based on this,it is suggested to promote the transparency of ESG information,formu-late ESG-related incentives,and actively participate in international ESG initiatives.