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党的二十大报告提出：“高质量发展是全面建设社会主义现代化国家的首要任务。”企业组成了社会经济的微观部分，它的高质量发展体现在企业全要素生产率的增加，这对于推动我国经济整体实现高质量发展是至关重要的。联合国责任投资原则组织（UNPRI）在2006年提出的ESG（Environment Social and Governance，ESG）理念是兼顾环境、社会及公司治理协调发展的可持续发展理念，ESG理念与高质量发展的目的是相符合的。所以本文研究企业ESG表现对企业全要素生产率的影响及其作用机制具有重要的现实意义。

最初本文整理有关企业ESG的表现与全要素生产率相关的文献进行机制分析并提出研究假设，接着以2015—2022年沪深A股上市公司为样本，采用华证ESG（环境、社会和公司治理）评级衡量企业ESG表现，用LP方法计算全要素生产率，中介变量技术创新采用当年专利申请数量加1取自然对数，控制变量本文主要选择企业规模（Size）、资产负债率（Lev）、净资产收益率（ROE）、现金流比率（Cashflow）、是否国有企业（SOE）、营业收入增长率（Growth）、董事人数（Board）、托宾Q值（TobinQ）、管理层持股比例（Mshare）、是否四大（Big4）、企业上市年限（ListAge）、并且设置行业（Industry）和年度（Year）虚拟变量。接着本文通过构建双向固定效应模型来实证检验企业ESG表现对全要素生产率的影响及其作用机制，并且观察技术创新在ESG和全要素生产率之间的中介作用和数字化转型的调节作用，采用替换解释变量、替换全要素生产率测算方式进行稳定性检验，并试图运用工具变量法、滞后解释变量去解决可能存在的内生性问题，最后在此基础上进一步研究企业ESG表现在企业所有权性质不同、企业规模不同、企业所在地区不同的情况下对全要素生产率的影响。

本文主要的研究表明：（1）如果企业拥有良好的ESG表现，那么这可以显著促进企业全要素生产率，并且这个实证结果在经过替换解释变量ESG、替换被解释变量TFP等一系列稳定性检验后还是成立的。（2）本文实证发现中介变量技术创新在ESG与TFP中是存在中介作用的，也就是说上市公司的ESG表现可以通过影响技术创新从而作用于全要素生产率。这个实证结果在经过替换解释变量ESG、替换被解释变量TFP等一系列稳定性检验后还是成立的。（3）ESG、技术创新与全要素生产率的关系受企业产权性质、规模和地区的影响。在非国有企业、小规模企业、东部地区企业中促进作用相对来说更加明显。原因可能是鉴于投资者对非国有及小规模企业的信息公开标准更加严格，这使得这些公司对ESG评级非常重视。为了向投资者、供应商、债务人以及其他相关的利益相关者传递正面的信号，企业必须展示较好的ESG评级表现，这样才能赢得投资者的喜爱，并获得资金用于提高技术创新从而来促进全要素生产率。特别针对东部地区的企业，由于这些企业具有强大的经济实力和相对较高的盈利与创新能力，因此它们更加注重ESG评级。这不仅能加强与投资者之间的信任，还能有效降低融资成本并提升技术创新能力，从而促进企业的长期稳健发展。（4）数字化转型在企业ESG表现对全要素生产率的直接效应中不存在调节作用，但是数字化转型调节了技术创新在ESG与TFP之间的中介作用，数字化转型程度越高，技术创新对全要素生产率的推动作用就越强。最后根据结论反映出来的问题，从企业、政府和金融机构三个层面提出对政策的启示。

The report of the 20th National Congress of the Communist Party of China proposed that "high-quality development is the primary task of comprehensively building a socialist modernized country." Enterprises constitute the micro part of the social economy, and their high-quality development is reflected in the increase of total factor productivity of enterprises, which is crucial for promoting the overall high-quality development of China's economy. The ESG (Environment Social and Governance) concept proposed by the United Nations Principles of Responsible Investment (UNPRI) in 2006 is a sustainable development concept that takes into account the coordinated development of environment, society, and corporate governance. The ESG concept is in line with the goal of high-quality development and is also a comprehensive indicator. Therefore, this article has important practical significance in studying the impact and mechanism of corporate ESG performance on total factor productivity.

Initially, this article conducted a mechanism analysis of literature related to the performance of enterprise ESG and total factor productivity, and proposed research hypotheses. Then, using A-share listed companies in Shanghai and Shenzhen from 2015 to 2022 as samples, the Huazheng ESG (Environmental, Social, and Corporate Governance) rating was used to measure enterprise ESG performance. The LP method was used to calculate total factor productivity, and the mediating variable for technological innovation was the natural logarithm of the number of patent applications in the current year plus 1. The main control variables selected in this article were enterprise size (Size), asset liability ratio (Lev), return on equity (ROE), cash flow ratio (Cashflow), state-owned enterprise (SOE), revenue growth rate (Growth), number of directors (Board), and Tobin. Tobin Q value, management shareholding ratio (Mshare), Big 4 or not, List Age of the company, and setting industry and year dummy variables. Next, this article empirically tests the impact and mechanism of corporate ESG performance on total factor productivity by constructing a bidirectional fixed effects model, and observes the mediating role of technological innovation between ESG and total factor productivity, as well as the moderating effect of digital transformation. Stability tests are conducted using replacement explanatory variables and replacement total factor productivity measurement methods, and attempts are made to use instrumental variable method and lagged explanatory variables to solve possible endogeneity problems. Finally, based on this, further research is conducted on the impact of corporate ESG performance on total factor productivity under different ownership properties, enterprise models, and enterprise regions.

The main research of this article indicates that:（1）if a company has good ESG performance, it can significantly promote its total factor productivity, and this empirical result is still valid after a series of stability tests such as replacing the explanatory variable ESG and replacing the dependent variable TFP. （2）This article empirically finds that the mediating variable of technological innovation plays a mediating role in ESG and TFP, which means that the ESG performance of listed companies can affect total factor productivity by influencing technological innovation. This empirical result is still valid after a series of stability tests such as replacing the explanatory variable ESG and replacing the dependent variable TFP. （3）The relationship between ESG, technological innovation, and total factor productivity is influenced by the nature, scale, and region of enterprise property rights. The promotion effect is relatively more pronounced in non-state-owned enterprises, small-scale enterprises, and enterprises in the eastern region. The reason may be that investors have stricter information disclosure standards for non-state-owned and small-scale enterprises, which makes these companies attach great importance to ESG ratings. In order to convey a positive signal to investors, suppliers, debtors, and other relevant stakeholders, companies must demonstrate good ESG rating performance in order to win the favor of investors and obtain funds to improve technological innovation and promote total factor productivity. Especially targeting enterprises in the eastern region, due to their strong economic strength and relatively high profitability and innovation capabilities, they place greater emphasis on ESG ratings. This not only strengthens trust with investors, but also effectively reduces financing costs and enhances technological innovation capabilities, thereby promoting the long-term stable development of enterprises.（4）Digital transformation does not have a moderating effect on the direct effect of enterprise ESG performance on total factor productivity, but it moderates the mediating role of technological innovation between ESG and TFP. The higher the degree of digital transformation, the stronger the driving effect of technological innovation on total factor productivity. Finally, based on the issues reflected in the conclusion, policy implications are proposed from three levels: enterprises, governments, and financial institutions.