| High-quality development is the primary task of building a modern socialist country in an all-round way.As the micro main body of economic development,whether enterprises can realize high-quality development has a decisive influence on promoting our economy to achieve high-quality development.At present,some enterprises in our country still exist the short-sighted behavior of polluting the environment and damaging the interests of stakeholders,the characteristics of heavy pollution industry enterprises are particularly obvious.As an investment concept and corporate performance evaluation standard,ESG systematically examines factors such as corporate environment,social responsibility and corporate governance,which fully reflects the requirements of The Times for high-quality development.Exploring the relationship between enterprise ESG performance and enterprise technical efficiency is of great reference significance for the improvement of enterprise competitiveness,the formulation of relevant government policies and the high quality development of economy.What is the impact of enterprise ESG performance and its subdivision dimensions on enterprise technical efficiency? Is this relationship heterogeneous among different samples? This paper explores the logical relationship between the impact of ESG performance on enterprise technical efficiency from the theoretical and empirical levels,explores the existing theoretical resources for the study of ESG performance and enterprise technical efficiency,and explains the mechanism and path of ESG performance on enterprise technical efficiency.On this basis,the listed companies in China’s heavily polluting industries from 2016 to 2020 were taken as research samples,and the DEA method was used to measure enterprise technical efficiency,test the influence of enterprise ESG performance on enterprise technical efficiency,and the moderating effect of enterprise heterogeneity on the relationship between ESG performance and enterprise technical efficiency.The mediating effect of financing constraints on the relationship between firm ESG performance and firm technical efficiency is further explored.Finally,according to the empirical test results,the paper puts forward some suggestions for enterprises in heavy polluting industries to improve their technical efficiency.The main conclusions of this paper are as follows:(1)There is a positive correlation between enterprise ESG comprehensive performance,environmental performance(E),social responsibility performance(S)and enterprise technical efficiency.(2)Financing constraints play a mediating role in the relationship between ESG performance and enterprise technical efficiency.(3)Compared with non-stateowned enterprises,the improvement of ESG performance of state-owned enterprises has a more obvious promoting effect on the technical efficiency of enterprises;Compared with the central and western regions,the improvement of ESG performance of enterprises in the eastern region has less effect on the improvement of technical efficiency.Combined with the theoretical analysis and empirical research results,this paper puts forward corresponding suggestions from the perspective of enterprises,governments and investors respectively.Enterprises should actively strengthen the disclosure of ESG information and actively improve the performance of ESG.The government should reward and punish enterprises according to their ESG conditions and improve the ESG information disclosure system.Investors should pay special attention to the ESG performance of enterprises when making investment decisions. |
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