Research on the Impact of ESG Scoring Mechanism on Financing Efficiency of the Real Estate Industry under Agency Cost Perspective

The article selects real estate enterprises listed in 2018–2022 and with ESG score disclosure as the research object, based on the data of such enterprises as a sample, studies and analyzes the impact of ESG score on the financing efficiency of real estate enterprises, and adds the agency cost as a regulating mechanism for research. The results of the study found that (1) the disclosure of ESG scores has a significant effect on the improvement of corporate financing efficiency of real estate; and (2) the analysis of the mechanism shows that the moderating effect of the agency cost will weaken the significance of the disclosure of ESG scores on financing efficiency. Finally, the article puts forward relevant suggestions from the perspectives of the government, institutional investors, and enterprises themselves.