Commercial System Reform, Enterprise Green Innovation and Enterprise ESG Performance

Taking the commercial system reform implemented in recent years as a "quasi-natural experiment", this paper systematically examines the relationship between commercial system reform and enterprise ESG performance and analyzes the intermediary effect of enterprise green innovation between the two, based on the data of China's commercial system reform and A-share listed companies in 2011-2021. The results show that the implementation of commercial system reform improves the level of ESG performance of enterprises, and green innovation of enterprises plays a positive role in the impact of commercial system reform on ESG performance of enterprises. After passing several robustness tests, the results of this paper are still valid. The results of the heterogeneity test show that the implementation of commercial system reform plays a greater role in promoting the ESG performance of state-owned enterprises, high-tech enterprises, high-financing-constraint enterprises, and high-pollution enterprises. The conclusions of this paper provide certain enlightenment for further promoting the reform of the commercial system and the construction of the ESG system and promoting enterprises to improve the level of modern green governance.