Abstract:

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.

Key words: ESG performance, total factor productivity, investment efficiency, green technology innovation