关键词: 银行ESG, 绿色全要素生产率, 资源效应, 监督效应

Abstract: The report of the 20th Party Congress points out that “high-quality development is the primary task of comprehensively building a modern socialist country”. In view of this, this paper explores the economic effects of banks' ESG performance from the perspective of enterprises' green total factor productivity through the credit linkage between banks and enterprises, with China's commercial banks and listed enterprises as the research objects. The study finds that banks' ESG performance significantly promotes the improvement of enterprises' green total factor productivity; mechanism analysis shows that, on the bank side, ESG performance can enhance the level of banks' liquidity creation, optimize credit allocation, and strengthen the credit supervision ability; on the enterprise side, banks' ESG performance can alleviate the constraints of enterprises' financing, optimize the internal management of the enterprises, and improve the management's awareness of environmental protection, which plays a positive role in the enhancement of enterprises' green total factor productivity. In addition, bank-enterprise ESG has obvious synergistic effects, which can strengthen the role of bank's ESG performance in the enhancement of enterprise green total factor productivity. Further analysis shows that the promotional effect of bank's ESG performance is more obvious in the private and SME samples. This paper expands upon the research on the microeconomic consequences of bank's ESG performance and the influencing factors of enterprise total factor productivity, which has certain theoretical and practical significance for promoting the sustainable development of China's banking industry and the green and high-quality development of the real economy.

Key words: Bank ESG, Green Total Factor Productivity, Resource Effect, Supervisory Effect