Relationship between ESG System Construction and High-Quality Development of Real Estate Enterprises

With the advancement of China’s sustainable development strategy, the construction of ESG system as a non-financial performance assessment system has a key impact on whether China’s listed real estate enterprises can sustain high-quality development. This paper takes the data from 2012 to 2022 of China’s A-share listed real estate enterprises as the research object and sample to test the impact of ESG performance on their sustainable high-quality development. The study shows that (1) ESG system construction has a significant positive impact on the high-quality development of listed real estate enterprises. (2) Financing constraints have a mediating role between ESG construction and high-quality development of enterprises. This paper provides a reference for China’s real estate enterprises about whether ESG system construction can increase corporate financial performance and reduce financing constraints, thus promoting sustainable high-quality development.