基于制度理论，构建国家维度的ESG规制变量，通过门槛面板模型，实证检验ESG表现与东道国制度环境对企业国际化绩效的协同作用机制。研究表明:ESG表现对国际化绩效的促进效应表现出显著的制度门槛效应；跨国企业在母国累积的ESG表现与东道国的ESG规制强度之间的协同匹配程度，共同决定了企业能否将ESG表现有效转化为竞争优势，从而提升其国际化绩效。异质性分析表明：ESG分项大多对国际化绩效有积极作用，但企业社会责任分项在提升海外子公司绩效方面效果不显著；非国企和非高污染行业企业的ESG表现对国际化绩效促进作用更明显；在ESG正式制度顺差以及“一带一路”倡议国家经营时，企业ESG表现对国际化绩效促进作用更加显著。

Drawing on institutional theory, this paper innovatively develops national-level ESG regulatory variables and employs a threshold panel model to empirically examine the synergistic mechanism through which corporate ESG performance and host-country institutional environments affect MNEs’ international performance. The findings indicate that the positive impact of ESG performance on internationalization performance exhibits a significant institutional threshold effect. The degree of synergistic alignment between the ESG performance of multinational enterprises in their home countries and the ESG regulatory stringency of the host countries jointly determines whether enterprises can effectively convert ESG performance into competitive advantages, thereby enhancing their internationalization performance. Heterogeneity analysis demonstrate that while most ESG dimensions positively impact international performance, the corporate social responsibility dimension shows insignificant effects on overseas subsidiary performance; non-state-owned enterprises and firms in non-high-pollution industries display a stronger positive relationship between ESG performance and international outcomes ; ESG advantages translate more effectively into performance improvements in countries with a surplus of formal ESG institutions and in host countries of the Belt and Road Initiative.