基于社会网络理论，以2009~2022年中国A股上市公司数据为研究样本，探究机构投资者网络中心性如何影响企业ESG表现。研究发现，机构投资者网络中心性显著提升了企业ESG表现。机制检验表明，机构投资者网络中心性通过缓和企业信息不对称、提高外部公共压力，以及增强管理层风险意识提升企业ESG表现。进一步分析发现，非持股机构也能依托信息网络发挥对企业ESG表现的间接推动作用；机构投资者网络中心性对企业ESG表现的推动作用可向网络内其他机构的持股企业进行溢出，推动其他企业提升ESG表现。

Grounded in social network theory, this study examines how institutional investors’network centrality shapes firms’ ESG performance using data from China’s A-share listed companies between 2009 and 2022. The empirical results show that a higher level of network centrality among institutional investors significantly improves firms’ ESG performance. Mechanism analysis indicates that this positive effect operates through three main channels: alleviating information asymmetry, amplifying external public pressure, and enhancing managerial risk awareness. Further analysis reveals that even non-shareholding institutional investors can also indirectly foster firms’ ESG improvement through information networks. Furthermore, the positive influence of institutional investors’ network centrality exhibits spillover effects across connected firms within the same network, collectively promoting higher ESG standards.