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

摘要： 基于2011—2022年沪深A股上市公司的经验数据，研究员工满意度对企业ESG的影响。企业员工满意度与ESG表现之间存在显著的正相关关系，这一效应在东部地区、科技密集型和资本密集型企业之间更显著。最佳雇主榜单中的企业在环境保护（E）、社会责任履行（S）以及良好的治理结构（G）方面均有出色表现，并且员工满意度对企业ESG各维度的影响分别通过绿色创新、企业声誉、内部控制的中介作用实现。研究结论不仅为企业重视员工发展提供经验证据，还为优化企业ESG表现提供新的思路。

关键词: 员工满意度；ESG表现；倾向得分匹配法；中介效应