ESG Performance and Investment Efficiency in the Listed Real Estate Industry in China: From the Perspective of Financing Constraints

This paper selects data from A-share real estate companies from 2013 to 2022 as a sample to empirically analyze the impact of ESG performance on investment efficiency in the real estate industry. The research findings are as follows: (1) good ESG performance can reduce the inefficient investment phenomenon of real estate enterprises by alleviating the mechanism effect of financing constraints; and (2) heterogeneity analysis shows that ESG performance is more effective for state-owned enterprises. Therefore, this paper proposes that real estate enterprises should actively improve their ESG performance and seek ways to alleviate financing constraints, and relevant departments should further improve the policy and evaluation systems related to ESG system construction and promote and support real estate enterprises in ESG practice to improve capital allocation efficiency and achieve high-quality development of enterprises.