The Influence Of ESG Performance On Business Efficiency And Mechanism Analysis

Since the 20th National Congress of the Communist Party of China,high-quality development has become the main theme of my country’s economic development,and the concept of green and sustainable development has gradually become a consensus.Improving corporate ESG performance has become an important way to promote green and sustainable development.Green and sustainable development has become one of the strategic directions during the “14th Five-Year Plan” period,and the ESG performance of enterprises has attracted more and more attention from all parties,especially the performance of environmental indicators and social indicators.As a micro-subject that practices the concept of green and sustainable development,improving ESG performance can not only improve the company’s social image and brand competitiveness,but also effectively reduce the company’s environmental hazards and waste of resources,improve business efficiency,and further accelerate my country’s green and sustainable development process has achieved high-quality economic development and made positive contributions to building a beautiful China and achieving sustainable development goals.In order to promote the high-quality economic and social development and the sustainable development of enterprises,this paper discusses the impact of corporate ESG performance on corporate operating efficiency and its mechanism.Based on the data of China’s A-share listed companies from 2011 to 2020,the comprehensive benefit value calculated by the DEA-BCC model is used as the explained variable,and the Bloomberg ESG overall score and its subdivided responsibility score are used as the explained variable.As an intermediary variable,after the Hausman test,a fixed-effect panel model was used to explore how ESG performance affects corporate operating efficiency,and an empirical analysis of its impact mechanism was conducted,so as to improve ESG performance for companies and formulate policies for relevant departments.Make positive suggestions to improve the operating efficiency of enterprises and contribute to the sustainable development of the economy.The empirical analysis results are as follows:First,from an industry perspective,the ESG performance of the oil and gas extraction industry and the comprehensive utilization of waste resources is higher than that of other industries,while the ESG performance of the software and information technology service industry is lower than the average score of the industry.The reason is that Lack of awareness of environmental management.From a regional perspective,the Z-scores of the southeastern coastal regions are all high,and the clustering of ESG performance is very serried.Second,the regression coefficient of ESG performance on enterprise operating efficiency is 0.054,which is significant at the 1% statistical level,indicating that a good ESG performance of an enterprise can promote the improvement of operating efficiency.The regression coefficients of environmental,social and corporate governance performance are all significant,and the regression coefficient of corporate governance realization is the largest,which is 0.087,indicating that the performance of corporate ESG subdivided responsibilities has a positive impact on corporate operating efficiency,and the impact of corporate governance performance is higher.Third,the regression coefficient of corporate ESG performance on corporate cash flow is significantly positive,indicating that a good corporate ESG performance can help improve corporate cash flow.Moreover,the ESG performance alone affects the operating efficiency of the enterprise,and the regression coefficient decreases when compared with the operating efficiency of the enterprise’s cash flow,indicating that the ESG performance of the enterprise indirectly affects the operating efficiency of the enterprise through cash flow,and there is an intermediary effect.Fourth,from the perspective of the impact of corporate ESG performance on corporate operating efficiency,non-manufacturing companies,companies in the central region,and private companies have more significant improvements in operating efficiency than manufacturing companies,companies in the eastern region,and state-owned enterprises,the lifting effect is more prominent.