The Impact of Green Finance on Corporate ESG Performance

In the global green development context, green finance is a key tool for corporate sustainability, and its correlation with ESG performance has attracted much attention. This study uses an individual fixed effects model to examine ESG performance and assess green finance's impact and causal relationship. Heterogeneity analysis based on firm size and ownership type shows different patterns in ESG performance improvements. Multiple - dimension robustness tests were conducted, such as substituting core explanatory variables, replacing dependent variables, adjusting sample scope, and integrating individual and two - way fixed effects analysis results. Empirical findings show that green finance has a significant and robust positive effect on ESG performance, remaining valid after controlling for endogeneity and confounding factors. This research enriches existing studies and provides empirical references and practical ways for optimizing green finance policies, advancing corporate ESG practices, and promoting high - quality economic development.