Research On The Impact Of Green Finance Development And Policy Support On The ESG Performance Of My Country’s A-share Listed Companies

In the process of reform and opening up,focusing on achieving the global sustainable development goals of 2030 and China’s second centennial goal,China’s economic development needs to solve the problems of tightening resource constraints,improving the ecological environment,and take the road of low-carbon and green sustainable development.The 19 th National Congress of the Communist Party of China pointed out that the construction of ecological civilization is our party’s "millennium plan",and we must treat the ecological environment like life.In China’s14th Five-Year Plan,achieving green economic development and strengthening the construction of ecological civilization have become one of the core contents of China’s new development concept and new development pattern.As an important industry and tool to guide the distribution of social resources and promote the green development of society,green finance was included in the report of the 19 th National Congress of the Communist Party of China.The development of green finance is inseparable from the support of government departments,and the development of green finance in China is in its infancy,and it is necessary to improve the support of green policies.As an important means to evaluate the green and sustainable development of enterprises,the ESG evaluation system can better measure the role of green finance development in promoting the green transformation and sustainable development of Chinese enterprises.This paper focuses on the impact of local green finance development level on the ESG performance of enterprises in heavily polluting industries.Firstly,the relevant research on green finance and ESG evaluation system is reviewed and summarized,and the mechanism of action is sorted out to find the entry point of the article.Secondly,this paper analyzes the current status of green finance development from different perspectives,and uses the entropy weight method to calculate the development level of green finance in each province based on the data from 2011 to2019.Then,taking 261 A-share heavily polluting listed enterprises as a sample,taking green finance development as the explanatory variable,green policy support as the regulating variable,and corporate ESG performance as the explanatory variable,this paper uses the fixed-effect model,the moderating effect model,the heterogeneity analysis and the mechanism analysis to explore the promotion effect of core variables on corporate ESG and its role channels.The results show that:(1)the rise of the development level of green finance has a relatively obvious positive effect on the ESG performance of enterprises;(2)Green policy support can effectively improve the role of green finance in promoting corporate ESG;(3)Green finance has the most significant effect on capital-intensive industries,and the increase in regional openness and economic development can effectively improve the role of green finance development in promoting corporate ESG;(4)Green finance can be used by heavily polluting enterprises through mechanisms such as financing constraints,environmental protection points and innovation efficiency,thereby improving their ESG performance.Finally,based on the empirical results,this paper puts forward corresponding suggestions for green finance: improve the green financial market,innovate green financial products,and promote the benign interaction between green finance and policy.