我国经济进入新常态，经济的高质量发展成为我国经济社会长期发展所追求的目标，部分高污染、高能耗产业亟需转型升级，绿色可持续性发展成为时代趋势，这需要整个社会从政策层面到资金层面的支持。而ESG表现逐渐成为衡量企业可持续性发展的一个重要参考指标，在降低企业融资成本、改善经营绩效方面发挥作用。企业发展更加注重其ESG表现的趋势也为政府制定财政货币政策指明了方向。政府如何通过推出绿色金融政策影响企业ESG表现，继而助推企业创新转型，进而实现产业升级，推动我国经济社会的高质量发展，是各界都关注的重要主题。绿色债券是我国绿色金融体系的重要组成部分，为企业实现转型升级提供了强大支持。

因此本文选择研究绿色债券是否对企业的ESG表现有显著影响。本文基于2019-2022年A股上市企业的经验数据，比较发行绿色债券的企业与只发行普通债券的企业的ESG表现，并进行关于公司属性的异质性分析，发现发行绿色债券的公司往往取得更高的评分，且绿色债券对于企业ESG表现的影响在非国企更加显著。基于实证研究结论，本文从法律、政策、市场等角度对促进绿色债券发行，以改善企业ESG表现提出建议。

China's economy has entered a new normal, and high-quality economic development has become the goal of long-term pursuit of China's economic and social development. Some industries with high pollution and high energy consumption are in urgent need of transformation and upgrading, and green and sustainable development has become the trend of The Times, which requires the support of the whole society from the policy level to the capital level. And ESG performance has gradually become an important reference index to measure the sustainable development of enterprises, and it plays a role in reducing enterprise financing costs and improving business performance. The trend of enterprises paying more emphasis on their ESG performance also points out the direction for the government to formulate fiscal and monetary policies. How the government influences the ESG performance of enterprises by introducing green financial policies, and then boosts the innovation and transformation of enterprises, then realize industrial upgrading, and promote the high-quality development of China's economy and society, is an important theme for all walks of life. Green bonds are an important part of China's green financial system, providing strong support for enterprises to achieve transformation and upgrading.

Therefore, this paper chooses to study whether green bonds have a significant impact on the ESG performance of enterprises. This paper is based on the experience of a-share listed companies in 2019-2022, compare the issuance of green bonds and only issue ordinary bonds of ESG performance, and analysis on the heterogeneity of company properties, found that issuing green bonds companies tend to obtain higher score, and the green bonds for the influence of ESG performance in the state-owned enterprises. Based on the conclusion of the empirical research, this paper puts forward suggestions on promoting the issuance of green bonds from the perspectives of law, policy and market to improve the performance of enterprise ESG.

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