Taking the data of Chinese a-share listed companies in Shanghai and Shenzhen from 2009 to 2021 as the research sample, the effect of government subsidies on ESG performance was empirically analyzed by using two-way fixed effect model. The results show that government subsidies have a significant effect on the improvement of ESG performance. The mechanism test shows that government subsidies can improve ESG performance through three mediating paths which are R & D Innovation driving effect, financing constraint easing effect, and analyst disclosure supervision effect. The intermediary role of R & D Innovation is the strongest, financing constraints and analyst disclosure supervision of the intermediary role, for the government to guide the practice of ESG provides a reference basis.