A study on the driving effect of green finance development on ESG performance of energy enterprises under carbon peak and carbon neutrality goals
MENG Jin
ZHENG Rui
Abstract：Driven by the Carbon peak and carbon neutrality goals,energy enterprises,as core entities with high energy consumption and high carbon emissions,have their ESG performance become a key evaluation dimension for green transformation.Based on the data of A-share listed companies in China's energy industry on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2023,this paper explores the impact of green finance development on the ESG performance of energy enterprises.The findings are as follows:①The development of green finance significantly improves the ESG performance of energy enterprises;② The development of green finance enhances the ESG performance of energy enterprises through three intermediary paths:Green innovation,alleviation of financing constraints,and improvement in the quality of environmental information disclosure;③ Executives' green cognition has a positive moderating effect on the ESG improvement effect of green finance;④ Heterogeneity analysis shows that the ESG enabling effect of green finance development is more significant in non-state-owned enterprises,high-carbon emission industries,and highly leveraged enterprises.
Keywords：driving effect"dual carbon" goalsgreen financeenergy enterprisesESG performance
Publication Date：2025-12-28
Online Publishing Date：2026-01-30(First online date of this platform, not the publication date of the document)
Pages：11( 51-61 )