文章采用2013—2021年我国A股上市公司数据，实证检验党组织嵌入对企业ESG表现的影响以及融资约束在二者关系中发挥的中介效应。研究表明：党组织嵌入能够正向促进企业ESG表现，党组织嵌入可通过缓解融资约束正向促进企业ESG表现。进一步分析发现：党组织嵌入对企业ESG表现具有长期提升的动态效应；党组织嵌入对企业ESG表现的正向促进作用在制造业企业中更为明显；良好的ESG表现能够为企业创造有利的外部环境，降低企业风险。基于此，应建立健全党组织嵌入方式，积极贯彻ESG理念，营造良好的ESG制度环境，制定统一的评价体系，助力企业ESG实践，带动资本市场整体ESG表现提升。

Using the data of China's A-share listed companies from 2013 to 2021, this paper empirically examines the impact of the embedding of Party organizations of the Communist Party of China (CPC) on ESG performance and the mediating effect of financing constraints on the relationship between the two. The results show that the embedding of Party organizations of the CPC positively promotes the improvement of ESG performance, and financing constraints play an intermediary role in the relationship between the two. Further analysis shows that the embedding of Party organizations of the CPC has a long-term dynamic effect on the ESG performance of enterprises. The positive promotion effect of the embedding of Party organizations of the CPC on ESG performance is more obvious in the manufacturing industry, and good ESG performance can create a favorable external environment for enterprises and help reduce enterprise risks. Based on this, it is necessary to establish and improve the embedding method of Party organizations of the CPC, actively implement ESG concepts, create a good ESG institutional environment, formulate a unified evaluation system, assist enterprises in ESG practice, and drive the overall ESG performance improvement of the capital market