ESG表现是赋能企业高质量发展的重要因素，对ESG表现与全要素生产率的关系进行深入研究，有助于投资者全面认识ESG表现影响企业高质量发展的作用机制。文章以2009—2021年我国A股上市公司为研究对象，从投资效率角度出发，实证检验了ESG表现影响全要素生产率的内在逻辑，得到以下研究结论：第一，良好的ESG表现能够提高全要素生产率；第二，良好的ESG表现能够通过提高投资效率的方式促进全要素生产率提高；第三，绿色技术创新水平对ESG表现与全要素生产率的关系具有正向调节作用；第四，国有企业、大规模企业ESG表现对全要素生产率提高的促进作用更大。基于此：企业应重视ESG表现对全要素生产率提高的促进作用，避免盲目投资，选择高效的投资组合以实现可持续发展；政府应不断完善ESG相关法律制度、政策及评价体系，加强ESG方面的监管；社会机构及媒体应大力宣传ESG理念，营造积极和谐的营商环境，促进企业ESG实践与可持续发展。

ESG performance is an important factor in empowering high-quality corporate development. Conducting in-depth research on the relationship between ESG performance and total factor productivity can provide reference for investors to comprehensively understand the impact mechanism of ESG on corporate high-quality development. Taking the listed companies on the A-share market in China from 2009 to 2021 as the research objects, this paper starts from the perspective of investment efficiency and empirically verifies the internal logic of ESG performance and total factor productivity. The following research conclusions are obtained: first, good ESG performance can improve a company's total factor productivity; second, good ESG performance can promote total factor productivity by improving investment efficiency; third, the level of green technology innovation has a positive moderating effect on the relationship between ESG performance and total factor productivity; fourth, the promotion of total factor productivity by ESG performance is greater for state-owned enterprises and large enterprises. Based on this, enterprises should pay attention to the promotion of total factor productivity by ESG performance and avoid blind investment. They should choose efficient investment portfolios to achieve sustainable development. The government should continuously improve relevant legal systems, policies, and evaluation systems for ESG, and strengthen regulatory supervision in this area. Social organizations and media should actively promote the ESG concept and create a positive and harmonious business environment to promote corporate ESG practices and sustainable development.