Abstract: Based on the national development strategy goal of “dual carbon”, this article takes A-share biopharmaceutical listed companies in China from 2009 to 2021 as the research sample, to identify the relationship between ESG performance and enterprise value in the biopharmaceutical industry through linear testing, and explore the role of financing constraints.The research results indicate that there is an inverted U-shaped relationship between ESG performance and the enterprise value of national biopharmaceutical listed companies, and financing constraints cause the turning point of the curve to shift to the left without significantly changing the shape of the curve. The research conclusion provides a theoretical basis for clarifying the impact path of the value effect of ESG performance in the biopharmaceutical industry, guiding enterprises to strengthen ESG information disclosure, improving relevant regulatory systems, and promoting high-quality economic development.