This paper selected A-share listed companies from 2011 to 2021 as the research sample, empirically analyzed the impact of ESG rating performance on the financial performance of listed companies, explored the mediating effect of financing constraints and enterprise efficiency in its influence process. The results show that: corporate ESG performance has a positive promoting effect on the financial performance of listed companies. ESG ratings not only alleviate financing constraints, but also improve enterprise efficiency and make positive contributions to the profitability of listed companies. The impact of ESG performance on the financial performance of state-owned enterprises and non-state-owned enterprises, large enterprises and small and medium-sized enterprises, and enterprises in eastern and central China is significantly heterogeneous, Among them, non-state-owned enterprises, small and medium sized enterprises and manufacturing enterprises have stronger positive promotion effects.