Abstract
This article analyzes the effect of ESG ratings on fostering common prosperity within companies in China's capital market, focusing on non-financial and insurance sectors. The study finds that higher corporate ESG ratings significantly enhance common prosperity within firms, primarily by easing corporate debt financing constraints. Furthermore, the positive impact of ESG ratings on common prosperity is stronger in non-state-owned and larger enterprises. This research broadens the understanding of corporate ESG's role from a micro perspective and offers evidence on advancing common prosperity in the modern era.
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