The impact of ESG performance on the sports enterprise value: The mediating effect of enterprise innovation ability BAI Yijun，CHEN Gang，ZHU Ji，BAI Zhen
(1.Sports Strategy and Policy Research Center，Wuhan Sports University，Wuhan 430076，China；2.Sports and Health Research Institute，Henan University，Kaifeng 475001，China)Abstract:This paper empirically examines the impact of ESG performance on sports enterprise value and explores the influence of sports enterprise innovation ability in the mediating role between them, through using the panel data of A-share sports listed companies from 2018-2022. It is found that good ESG performance could significantly enhance the value of sports enterprises, and also found that the innovation ability of sports enterprises plays a mediating role between them, namely the good ESG performance in enhancing the technological innovation ability of sports enterprises while enhancing the value of sports enterprises will be more significant. After testing the heterogeneity, it is found that ESG performance still has a significant positive effect on the enterprise value of both sporting goods and sports services companies. Given those, this paper concludes that sports enterprises should actively practice the concept of ESG development, which is conducive to sports enterprises to complete the "double carbon" goal, to achieve sustainable development and high-quality development; is conducive to help sports enterprises enhance the comprehensive strength and also realize the value of the enterprise; and is more conducive to promote the development of the sports industry, and then forming a virtuous cycle of economic development.