随着2020年我国“双碳”政策的提出，环境、社会与公司治理（ESG）的概念深入国内资本市场，对企业承担环境、社会与公司治理责任提出更高的要求。能源行业是ESG评级的关注对象和领导者之一，ESG披露可以为能源企业赢得更好的商誉、降低风险并吸引投资，提高企业的盈利能力，但这也可能形成一笔对社会问题的非必要支出，或更加暴露企业风险，又可能降低企业的盈利能力。为了考察 ESG评级对能源企业财务绩效的影响，本文利用华证指数ESG评级数据，建立以融资约束为机制的中介效应模型，对我国能源行业上市企业ESG评级对财务绩效的影响进行研究，发现能源行业公司ESG得分高于平均水平，且ESG表现越好，财务绩效表现越好，融资约束在ESG评级对公司财务绩效表现中起到部分中介作用。进一步发现，与全行业相比，能源行业的ESG表现对公司财务绩效的影响更弱。全行业中，高分企业的ESG评分的正向影响更弱；但在能源行业中，高低分结果没有差别化的影响。能源行业非国有企业的ESG表现对公司财务绩效的影响更强，含有较多新能源发展的行业的ESG表现的影响更大。总之，我国能源行业企业财务绩效受ESG评分影响，但受影响程度较小，ESG评价对能源企业的约束力度有待加强。

With the proposal of China's " Carbon Peaking and Carbon Neutrality Goal" policy in 2020, ESG concepts penetrated into domestic capital market, putting forward higher requirements on enterprises to undertake environmental, social and corporate governance tasks. Energy industry has become one of the targets and leaders of ESG rating. Although ESG management has energy enterprises win better goodwill, reduce risks and attract investment, it also draws unnecessary non-business expenditure or exposes more weakness. These may cause financing constraints and put pressure on the revenue of energy enterprises. In order to investigate the impact of ESG rating on the financial performance of energy enterprises, this paper uses Huazheng ESG Index to establish a mediation effect model to study the impact of ESG rating on the financial performance of listed energy enterprises in China and takes financing constraint as the mediation mechanism. It is found that the ESG score of energy companies is higher than average. The better ESG performance causes better financial performance, and financing constraint plays a partial intermediary role in the relationship between ESG rating and financial performance. Further analysis indicates that ESG performance in the energy sector has a much weaker impact on company financial performance than the average level of all industries. The positive effect of ESG scores on enterprises with high scores is much weaker, while the same effect on energy industry is not detected. In energy industry, ESG performance of non-state-owned enterprises has a stronger impact on financial performance. ESG score of industries with more new energy development has a greater impact than traditional industries. In sum, it can be concluded that the financial performance of enterprises in China's energy industry is affected by ESG score, but to a lesser extent. And the constraining force of ESG evaluation on energy enterprises needs to be strengthened.

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