Research On ESG Performance And Its Economic Effects Based On Long-term Orientatio

Real estate is one of the pillar industries in China,with a long industrial chain,which has a decisive impact on the development of the real economy.The "housing without speculation" proposed in 2016 and the "three red lines" introduced in 2020 have guided a new direction for real estate development,that is,to achieve high-quality sustainable development.According to the data released by the China Building Energy Efficiency Association,the whole process carbon emissions of the construction industry accounted for 51% of the national carbon emissions,referring to the carbon neutral path of New York,London,Tokyo and other developed cities,about 70% of the carbon emissions are from buildings.For the real estate industry,the property of high energy consumption makes it shoulder a huge responsibility in the process of achieving the goal of "carbon peak and carbon neutrality" in the country.In2018,the Shanghai Stock Exchange and Shenzhen Stock Exchange have respectively formulated ESG disclosure guidelines,and China is actively building an ESG disclosure mechanism to provide support for achieving carbon neutrality and green development.Based on this,this paper believes that it is urgent for real estate enterprises to pay attention to ESG.How does the ESG performance of real estate enterprises affect its economic effect?Based on stakeholder,signal transmission and resource-based view,this paper constructs the theoretical framework of long-term orientation-ESG-economic effect.Then,Vanke is selected as the case study object,and the relationship among them is analyzed based on the measurement of Vanke’s long-term orientation,ESG performance and economic effect.The research finds that real estate enterprises with long-term orientation are more inclined to fulfill ESG responsibilities,and Vanke’s long-term orientation level promotes its ESG performance to a large extent.Vanke’s ESG performance is significantly higher than the industry average,and has a positive impact on the company’s reputation,business income,operating capacity,financing cost,profitability,etc.Finally,it promoted the improvement of Vanke’s Comprehensive financial performance and enterprise value.According to the conclusions,the sustainable development suggestions of real estate enterprises are put forward:(1)Real estate enterprises should consider the costs and benefits of fulfilling ESG responsibilities from a long-term perspective,and incorporate ESG practice into their corporate strategies;(2)The regulatory authorities should standardize ESG information disclosure standards,introduce relevant policies to guide real estate enterprises to practice ESG responsibilities,promote the improvement and supervision of ESG rating system,popularize ESG knowledge,so as to encourage investors to incorporate ESG into investment decisions and promote sustainable development.