Research On The Impact Of ESG Performance On Stock Investment Returns For Real Estate Companies

The outline of the “14th Five-Year Plan” pointed out that economic and social development should implement new development concepts,with the theme of promoting high-quality development,and promote a green-oriented transition of the economy and society.The logic of ESG and the new development philosophy are highly consistent at the fundamental level.Realizing ESG performance as the focus of real estate enterprises implementing the new development concept can influence the sustainable development of Chinese economy.Therefore,it is of great practical significance to interpret in advance the impact of ESG performance on the investment value of real estate stocks.Based on this,this paper takes real estate enterprises as the research object,constructs a regression model,and analyzes the impact of ESG performance on real estate stock investment returns.The research details are as follows:Firstly,clarify the concepts of ESG performance,ESG rating and real estate stock investment return,and sort out the relevant theories.Discuss the current situation of ESG performance of listed real estate enterprises and stock investment returns through statistical analysis,and explore the relationship between them.Then from the theoretical level,it analyzes the direct and indirect impact mechanism of ESG performance on real estate stock investment income in detail.Secondly,taking the quarterly financial data of listed real estate enterprises from2014 to 2021 and the ESG rating data of Huazheng as samples,the ESG factor was introduced into the Fama-French three-factor model to construct a four-factor model for empirical analysis.It is found that corporate ESG performance will positively affect real estate stock investment returns and have different effects on real estate enterprises of different sizes and values.Further testing the heterogeneity of property rights reveals that the ESG performance of non-state-owned real estate enterprises has a more significant impact on stock investment returns.Thirdly,this paper incorporates the variable of investor sentiment into the research framework,uses the stepwise regression method to explore the mechanism behind the impact of ESG performance on stock investment returns,and finds that investor sentiment plays a partial intermediary role in the process of ESG performance affecting stock investment returns.Finally,the empirical analysis results are summarized,and then relevant suggestions are put forward from the enterprise level and the national level to make better use of the income enhancement function of ESG performance of real estate companies.It aims to provide theoretical guidance for the formulation of strategies for high-quality transformation and sustainable development of listed real estate companies in my country under the new situation.