Abstract: ESG (Environmental, Social, and Governance) has gradually evolved from a concept to a global consensus, and ESG research has also moved from policy exploration and macroeconomics to micro governance at the corporate level. This study takes SK Hynix as a case study and proposes the concept of "structural equilibrium of ESG". It integrates entropy method, coupling coordination index and grey correlation degree to track 17 years of time series data and quantitatively characterize the dynamic interaction and collaborative evolution process between ESG subsystems. The research conclusion is as follows: Firstly, the comprehensive evaluation values of the four subsystems of economy and ESG generally maintain an upward trend, Compared with ESG, the evaluation value of the economy shows a trend of lagging behind first and then leading. The inputoutput of ESG does not increase synchronously, but presents a phased emphasis. Secondly, the coupling degree of SK Hynix's four subsystems advances and retreats synchronously, and most of the time they are in a high-level coupling stage. When encountering a development crisis, ESG and economic benefits may exhibit an antagonistic development state, which may result in "crowding out effect" and "leverage effect". The coupling coordination index between ESG subsystems and the economy is gradually increasing, but the level of collaborative development is in a state of mild imbalance to near imbalance. Finally, the overall grey correlation coefficient between corporate ESG and the economy is on a downward trend, and the increase in ESG is smaller than that of the economic system, forming a scissors gap. The importance of the environment and society in corporate operations is far less than that of governance, and social performance may be the most external reference for business operations. This study provides a new perspective for understanding the multidimensional conflicts and dynamic synergies of ESG management, and provides dynamic decision-making references for enterprises to optimize ESG resource allocation and governments to improve differentiated policies.

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Keywords: ESG; Economic system; structural equilibrium; coupling coordination index; grey correlation degree