ESG, Business Performance and International Entrepreneurship

面对复杂的国际环境，如何在激烈的国际竞争中获得优势是企业亟待解决的问题。ESG作为衡量企业在环境、社会、公司治理三个维度的综合指标，其在企业国际创业进程中发挥着何种作用值得探讨。本文利用我国上市公司2012~2023年的数据，实证检验了ESG表现对企业国际创业的影响，并探究了融资约束、企业效率、内部监管、数字化转型在其中的调节作用。研究表明：ESG表现可以直接或间接地影响企业国际创业；ESG评级对企业国际创业表现的影响存在企业异质性、规模异质性和管理者背景异质性等。因此，企业要切实贯彻ESG发展理念，促进ESG表现和创业能力协同发展，这对促进企业开拓国际市场、加速国际化进程具有借鉴意义。In the face of the complex international environment, how to gain an advantage in the fierce international competition is an urgent problem for enterprises. As a comprehensive indicator to measure enterprises in the three dimensions of environment, society, and corporate governance, ESG is worth exploring what kind of role it plays in the process of enterprises’ international entrepreneurship. This paper empirically examines the impact of ESG performance on corporate international entrepreneurship using the data of China’s listed companies from 2012~2023, and explores the moderating roles of financing constraints, corporate efficiency, internal regulation, and digital transformation in it. The study shows that ESG performance can directly or indirectly affect corporate international entrepreneurship; there is corporate heterogeneity, size heterogeneity, and managerial background heterogeneity in the impact of ESG ratings on corporate international entrepreneurship performance. Therefore, enterprises should effectively implement the concept of ESG development and promote the synergistic development of ESG performance and entrepreneurial ability, which is of great significance in promoting the development of international markets and accelerating the internationalization process of enterprises.