ESG has become an important indicator of corporate performance. Research on the impact of ESG rating on corporate performance is conducive to stimulating the ESG awareness of enterprises, enabling enterprises to actively assume the responsibility of ESG disclosure, and bridging the information asymmetry between investors and enterprises. This paper takes A-share listed companies from 2010 to 2020 as research samples, constructs A fixed-effect model, examines the relationship between ESG rating and corporate financial performance as well as the mechanism effect of information transparency, and further tests the heterogeneity of corporate pollution degree, ownership nature and regional development degree. The empirical results show that: (1) Good ESG performance can directly improve enterprise performance. (3) The relationship between ESG performance and enterprise performance is affected by the degree of enterprise pollution, the nature of enterprise and the level of regional economic development, and the ESG rating of enterprises with low pollution, non-state-owned enterprises, eastern regions and non-provincial capital cities can significantly improve enterprise performance. According to the above conclusions, this paper provides some experience for decision-making.