Abstract:ESG responsibility fulfillment is not only an essential part of the “double carbon” target framework, but also the inevitable course for enterprises to prevent and defuse financial risks and improve the quality and efficiency of green development. Using Chinese A-share listed companies from 2009 to 2020 as sample and constructing a doublefixed model, the paper makes an empirical study to analyze the impact of ESG responsibility fulfillment on corporate risk. It is found that the relationship between ESG responsibility fulfillment and corporate risk presents a significant “U” shape and the U-shaped relationship is more significant in such dimensions as social responsibility and corporate governance, enterprises not audited by international “Big Four” accounting firms, and enterprises in their maturity stage or declining phase. Further analysis shows that financing constraints and agency conflicts play a transmitting role in the Ushaped relationship between ESG responsibility fulfillment and corporate risk and also, analyst attention and institutional speculators shareholding ratio can negatively regulate the U-shaped relationship between the two, the uncertainty of ESG ratings and the “greenwashing” strategy will inhibit the risk prevention effect of fulfilling ESG responsibilities. Accordingly, an ESG information disclosure system that adapts to China’s national condition should be constructed and improved in order to guide enterprises to appropriately fulfill their ESG responsibilities, to focus on internal supervision and risk control in the process of ESG transformation, and to help promote and deepen the green transformation of the economy.