| With the rapid development of China’s economy,issues of environmental pollution have become increasingly severe.Public health,ecological balance and national sustainable development have been greatly threatened,and high-pollution industries have become the pain spot in realizing goals of China’s green sustainable development due to their particularity.The ESG system has gradually received widespread attention at home and abroad due to its concept of green and low-carbon.The construction and perfection of the ESG system is conducive to the high-quality development of enterprises in high-pollution industries.Therefore,enterprises should enhance their construction of the ESG system,which not only improves their performance,but also assists in the efficient development of society and the national economy.On the basis of extensive research on ESG related literature at home and abroad,this article summarizes the status quo of ESG system construction of listed companies in high-pollution industries and finds that the construction of ESG systems in highpollution industries is gradually receiving attention,with the greatest improvement in the dimension of enterprise environmental protection and the highest average score in the dimension of corporate governance.Further comparing the ESG system construction among three representative enterprises in the industry,we find that there are commonalities in ESG construction among enterprises in high-pollution industries,including actively paying attention to EHS environmental management systems,anticorruption,and technological innovation.This article explores the relationship between ESG system construction and corporate performance in high-pollution industries through empirical studies.Based on a total of 2376 sample data from 792 listed companies in high-pollution industries from 2019 to 2021,the results show that there is a significant positive correlation between ESG system construction and the corporate performance in high-pollution industry enterprises,and the E,S,and G dimensions are all considered having a significant positive impact on performance.On the basis of empirical research,Hunan Valin Steel Co.,Ltd.has been selected for case analysis,and further verifies the conclusion that there is a positive correlation between ESG and enterprise performance by summarizing the status quo of the company’s ESG construction and studying the relationship between ESG and enterprise performance,and using the event study method.Next,from the perspective of stakeholders,we discuss the specific reasons that led to this relationship.This includes improvements in employee work efficiency,customer satisfaction and loyalty,availability of financing,and corporate social reputation.Finally,based on the research results,this article provides a reference for the direction of ESG system construction in high-pollution industry enterprises.This article also provides relevant suggestions for the ESG system construction of Hualing Steel Company and other high-pollution industry enterprises,as well as the government’s promotion of ESG system policies. |
