ESG and green transition of enterprises: a perspective from emission reduction and development
利用2009-2020年中国A股上市公司数据，研究了ESG如何通过改善融资环境、优化环境治理策略和信息环境来促进企业绿色转型，并发现新环保法和环保税法实施后ESG优势企业的转型效果更显著。
Using data from 2009 to 2020 of A-share listed firms in China, this study investigates how ESG (Environmental, social, and governance) impacts corporate green transition (GT) from two perspectives: carbon emission intensity and total factor productivity. Results show that ESG significantly enhances corporate GT. Channel analysis shows that ESG improves the financing environment, optimizes environmental governance strategies, and improves the information environment, thereby promoting corporate GT. After the implementation of the new Environmental Protection Law (EPL) and the Environmental Protection Tax Law (EPTL), the GT with ESG advantages is significantly enhanced compared to those without ESG advantages. Heterogeneity analysis shows that the positive effects of ESG are more pronounced in firms with low availability of green credit and high levels of greenwashing. In addition, social responsibility of ESG has the greatest effect in enhancing GT, and ESG uncertainty can weaken the promotion effect of ESG on GT. The industry spillover effect test found that ESG has an industry emission reduction governance effect, and there is a peer effect of mutual influence on carbon emissions decisions among enterprises. Overall, our results reveal that ESG can promote GT to achieve sustainable development. First published online 26 March 2026