【文章摘要】Sustainability standards have become crucial for ensuring the quality of trade. In this work, we investigate the role of ESG in trade transformation, and we find evidence suggesting that good ESG performance can improve export quality. From both production and transaction perspectives, this improving effect is mainly due to fostering green innovation, strengthening external oversight, and mitigating the “lemon market” problem. Also, the influence of ESG is contingent on the characteristics of the firm, industry, or region. Companies with low financial constraints, non-state ownership, low pollution, and technology intensity rely more on ESG capabilities. The digital application helps enhance the effects of ESG. Regarding region heterogeneity, the quality-enhancing effect of ESG is more pronounced for exports to developing regions. Moreover, we investigate the risks associated with ESG greenwashing and its regulatory frameworks. The findings indicate that greenwashing greatly undermines the efficacy of ESG, with government regulation being essential to combat it, whereas market-based regulation proves to be comparatively less effective. This paper proposes a Chinaspecific strategy for developing countries to break free from the “low pricelow quality” equilibrium trap by leveraging ESG as a pivotal mechanism, thereby addressing both domestic and international pressures related to social responsibility

【关键词】ESG performance; export quality; greenwashing; government regulation; market regulation

【文章作者】Ping Wei, Hongman Liu, Chaokai Xu

【作者单位】College of Economics and Management, China Agricultural University; School of International Trade, Shanxi University of Finance and Economics

【发表期刊】Emerging Markets Finance and Trade

【基金资助】This work was supported by Humanities and Social Science Foundation of Ministry of Education of the People’s Republic of China [23YJA790049].

【原文链接】https://doi.org/10.1080/1540496X.2026.2635578.

Unveili..ng.pdf