Index system of green TFP.

Under the ongoing implementation of the “dual carbon” goal, research has focused on the impact of Environmental, Social, and Governance (ESG) initiatives on green innovation. However, few studies have analyzed in depth the mechanisms of ESG impact on green total factor productivity (green TFP). Here, we explored the impact of ESG performance on green TFP, green technical efficiency, and green technological progress using A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2011 to 2021. The results show that good ESG performance can significantly improve the green TFP of enterprises, and that this effect is more prominent in industries with lower environmental risks and enterprises in the growth and maturity stages. We identified the importance of the psychological account path and propose that the promotional effect of ESG performance on green TFP mainly derives from improving green technical efficiency, rather than from expanding green technological boundaries. These findings have practical implications for guiding companies to implement ESG concepts, strengthening the synergistic role of government regulation and professional supervision, and promoting micro-level implementation of innovation-driven and sustainable development strategies, thereby promoting high-quality development.

在“双碳”目标持续推进的背景下，学界已围绕环境、社会和公司治理（Environmental, Social, and Governance, ESG）举措对绿色创新的影响展开了诸多研究。然而，鲜有研究深入剖析ESG对绿色全要素生产率（green total factor productivity, green TFP）的作用机制。为此，本文以2011-2021年我国沪深A股上市公司为研究样本，探讨了ESG表现对绿色TFP、绿色技术效率以及绿色技术进步的影响。研究结果表明，良好的ESG表现可显著提升企业绿色TFP，且该提升效应在环境风险较低的行业以及处于成长期、成熟期的企业中更为显著。本文明确了心理账户路径的重要性，并提出ESG表现对绿色TFP的促进效应主要源于绿色技术效率的提升，而非绿色技术边界的拓展。上述研究结论对于引导企业践行ESG理念、强化政府监管与专业监督的协同作用、推动创新驱动与可持续发展战略在微观层面的落地，进而促进高质量发展具有重要的实践启示。