【摘要】 “双碳”目标下，为响应国家高质量发展的号召，企业进行转型升级从而实现可持续发展已经成为社会各界共同关注的重大问题。ESG从环境、社会、治理三方面体现了可持续发展理念，与“双碳”目标愿景高度契合。基于2019-2022年上证A股上市公司ESG评级数据和企业转型升级程度，将融资约束作为中介变量，分析在该机制下ESG评级对企业转型升级的影响。结果表明：(1)ESG评级能够促进企业转型升级，此结论在一系列稳健性检验和内生性讨论后依然成立。(2)机制检验结果表明，ESG评级能够通过缓解融资约束进而促进企业转型升级。(3)相比其他行业，我国上市公司中处于重污染行业的企业，其ESG评级对企业转型升级的影响更为显著；非国有企业比国有企业ESG评级对企业转型升级的促进作用更明显。最后从ESG评级角度为促进企业转型升级，进而促进经济高质量、可持续发展提出了政策建议。更多还原

【Abstract】 Under the goal of “double carbon”, in response to the call of the country’s high-quality development, the transformation and upgrading of enterprises to achieve sustainable development has become a major issue of common concern to all sectors of society. ESG embodies the concept of sustainable development from the three aspects of environment, society and governance, and is highly consistent with the vision of the “double carbon” goal. Based on the ESG rating data of Shanghai A-share listed companies from 2019-2022 and the degree of corporate transformation and upgrading, this paper takes financing constraints as an intermediary variable to analyze the impact of ESG rating on corporate transformation and upgrading under this mechanism. The results show that:(1)ESG rating can promote the transformation and upgrading of enterprises, and this conclusion is still valid after a series of robustness tests and endogeneity discussions.(2)Mechanism test results show that ESG rating can promote enterprise transformation and upgrading by easing financing constraints.(3)Compared with other industries, the impact of ESG rating on the transformation and upgrading of Chinese listed companies in heavily polluting industries is more significant; The ESG rating of non-state-owned enterprises plays a more significant role in promoting the transformation and upgrading of enterprises than that of state-owned enterprises. From the perspective of ESG rating, this study provides policy implications for promoting enterprise transformation and upgrading, and thus promoting high-quality and sustainable economic development.更多还原