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This study examines the extent to which high-quality environmental, social, and governance (ESG) disclosure mitigates the effects of economic policy uncertainty (EPU) on enterprises’ market valuation. The research indicates that utilizing panel data from Chinese A-share listed companies reveals that Economic Policy Uncertainty (EPU) significantly diminishes firm value, whereas robust Environmental, Social, and Governance (ESG) disclosure mitigates this adverse effect. Robustness checks employing alternative variable definitions and subsample analyses based on ownership type, area, and industry corroborate these findings. Mediation analysis indicates that the indirect effects, mediated through a valuation-based channel, reveal that EPU-induced reductions in business value diminish analyst coverage and exacerbate financial distress. These findings offer significant insights for corporate governance, investor decision-making, and regulatory frameworks in emerging nations, as they demonstrate the strategic importance of ESG disclosure in bolstering business resilience against heightened policy risk.

本研究旨在探讨高质量环境、社会和治理（Environmental, Social, and Governance，ESG）信息披露，能够在多大程度上缓解经济政策不确定性（Economic Policy Uncertainty，EPU）对企业市场估值的负面影响。研究采用中国A股上市公司的面板数据开展实证分析，结果表明：经济政策不确定性会显著降低企业市值，而高质量的ESG信息披露能够有效缓解这一不利影响。通过替换变量定义进行稳健性检验，以及基于产权性质、地域与行业的分组子样本分析，均验证了上述研究结论。中介效应检验结果显示，经由估值渠道传导的间接效应表明：经济政策不确定性引致的企业价值缩水，会降低分析师关注度并加剧企业财务困境。本研究结论为新兴经济体的公司治理、投资者决策及监管框架完善提供了重要启示，研究证实了ESG信息披露在提升企业抵御政策风险韧性方面的战略价值。