As China transitions from high-speed to high-quality economic development, the concept of sustainable development, particularly environmental, social, and governance (ESG), has emerged as a crucial consideration in corporate decision-making. This study examines the relationship between ESG performance and corporate resilience through the lens of capital allocation efficiency. Employing a fixed-effects model, heterogeneity analysis, and a mediation effect model, we analyzed 4436 A-share listed companies that were rated according to ESG standards by the China Securities Index (CSI) between 2011 and 2021. Our findings suggest that: (1) ESG performance positively impacts corporate resilience. (2) The magnitude of this effect varies based on the ownership structure and industry. Specifically, ESG performance has a more significant influence on non-state-owned companies and manufacturing companies. (3) Improving ESG performance can enhance corporate resilience through three mechanisms: reducing financing costs, improving investment efficiency, and improving operational efficiency.

The presence of a link between corporate environmental protection investment and firm value is essential for enterprises to have incentives to invest in environmental protection by themselves. How environmental information disclosure affects the relationship between environmental protection investment and firm value is also an issue worth exploring. This paper uses the regression model with the industry and time-fixed effects to examine the relationship between environmental protection investment and firm value of China’s A-share heavily and non-heavily polluting enterprises from 2010–2020, as well as the moderating role of environmental information disclosure. The empirical results show that (1) there is a significant U-shaped relationship between environmental protection investment and firm value, and (2) corporate environmental information disclosure has a moderating effect. Specifically, it has an “amplifying” effect on the relationship between environmental protection investment and firm value. If a company’s environmental protection investment is insufficient, overly transparent corporate environmental disclosure will exacerbate the decline in firm value. Once environmental protection investment is up to standard, adequate disclosure can contribute to an increase in firm value.

China launched the National Carbon Emissions Trading Market (NCETM) in July 2021, heralding the first nationwide implementation of carbon emissions trading since the 2011 pilot scheme in China. The NCETM serves as a vital policy instrument that employs market mechanisms to regulate and mitigate greenhouse gas emissions. Thus, this study aims to examine how the NCETM in China, as an environmental regulatory policy, impacts environmental protection investment (EPI) made by enterprises. Specifically, the research seeks to address three key questions: (1) Does the NCETM have an impact on corporate EPI? (2) What are the mechanisms underlying the effect of the NCETM on corporate EPI? (3) Additionally, does the impact of the NCETM on corporate EPI vary with the location of the firms? By utilizing financial data from listed firms from 2018 to 2022 and employing the difference-in-differences (DID) model, the empirical results suggest that: (1) NCETM significantly stimulates the increase in EPI by firms. (2) The NCETM promotes environmental investment by inducing higher R&D expenditures. (3) The effects of NCETM on firms’ EPI vary across regions, with the policy only being effective for firms in non-pilot regions that did not engage in the carbon emissions trading market prior to NCETM. This study provides empirical evidence for the microeconomic effects of the NCETM and a useful reference for the implementation of carbon emissions trading policies.