【摘要】 基于2009—2019年上市公司面板数据及城市面板数据，考察外商直接投资对企业ESG表现的影响效应及传导机制。研究发现，FDI可以提升企业在社会责任履行、生态环境保护与公司治理三个方面的水平，优化企业ESG表现。机制检验表明，FDI能够通过强化区域市场竞争、缓解企业融资约束等渠道提升企业ESG表现。异质性研究表明，非重污染企业与对外投资企业利用FDI强化企业ESG表现的效果更佳；市场分割程度低、产业结构高级化水平高的地区，FDI对该地区企业的ESG表现提升的促进作用更强。进一步分析表明，有为政府与有效市场可以分别从强化环境目标约束与提高企业绿色创新两个方面对ESG表现起到正向调节作用。更多还原

【Abstract】 Based on the panel data of listed companies and urban panel data from 2009 to 2019, this paper examines the impact effect and transmission mechanism of foreign direct investment on enterprise ESG performance. The study finds that FDI can improve the level of corporate social responsibility, ecological environment protection and corporate governance, so as to optimize the performance of ESG. The mechanism test shows that FDI can improve the ESG performance of enterprises through strengthening regional market competition and easing corporate financing constraints. The heterogeneity study shows that enterprises without heavy pollution and foreign investment enterprises which use FDI to strengthen the performance of enterprise ESG are performing better. In regions with low degree of market segmentation and high level of industrial structure upgrading, FDI plays a stronger role in promoting the ESG performance of enterprises. Further analysis reveals that “proactive governance” and “efficient market” can positively moderate ESG performance through strengthening environmental target constraints and enhancing green innovation among enterprises respectively.更多还原