本文使用2009-2022年中国A股上市公司的面板数据，通过构建ESG评分对数与企业风险承担的多维固定效应模型，使用工具变量法2SLS和更换核心变量法等方式进行内生性检验和稳健性检验，研究了ESG表现与中国上市公司风险承担之间的关系。本文研究发现：第一，ESG表现和企业风险承担之间呈负相关关系，且通过了1%的显著性检验，表明随着ESG表现越来越好，企业的风险承担会降低；第二，从东部地区、中部地区、西部地区来看，东部地区的企业，其ESG表现和企业风险承担之间的负相关更明显；第三，从重工业企业和轻工业企业来看，重工业企业的ESG表现和企业风险承担之间的负相关更明显。

This essay examines how the environmental, social, and governance (ESG) performance of Chinese A-share listed companies from 2009 to 2022 relates to their propensity for risk-taking. By constructing a multidimensional fixed-effects model of the logarithm of ESG scores and corporate risk-taking, this study conducts endogeneity tests and robustness tests using instrumental variable method 2SLS and replacement of core variables method. The research findings of this article are as follows: Firstly, there is a negative correlation between ESG performance and corporate risk-taking, which has passed the 1% significance test, indicating that as ESG performance improves, the level of risk-taking for enterprises will decrease; Secondly, from the perspective of the eastern, central, and western regions, the negative correlation between ESG performance and corporate risk-taking is more pronounced for enterprises in the eastern region; Thirdly, from the perspective of heavy and light industrial enterprises, the negative correlation between ESG performance and corporate risk-taking is more pronounced for heavy industrial enterprises.