关键词: 员工满意度；ESG表现；倾向得分匹配法；中介效应

Abstract: Based on the empirical data of Ashare listed companies in Shanghai and Shenzhen from 2011 to 2022， this paper investigates the impact of employee satisfaction on corporate ESG. It is found that higher employee satisfaction can significantly improve the corporate ESG performance. The heterogeneity analysis shows that this positive impact is more significant in eastern region companies， technologyintensive companies and capitalintensive companies. Further analysis found that companies in the“Chinas 100 Best Employers Award” list have outstanding performance in environmental protection （E）， social responsibility fulfillment （S） and corporategovernance （G）. The effect of employee satisfaction on various dimensions of corporate ESG is realized through the enhancement of green innovation， the strengthening of corporate reputation， and the improvement of internal control.This study not only provides empirical evidence for companies to continuously emphasize employee development， but also provides new ideas for optimizing corporate ESG performance.

Key words: employee satisfaction; ESG performance; propensity score matching method; mediating effect