| In 2023,China’s “ Government Work Report ” pointed out that it is necessary to promote the steady development of the real estate industry,prevent the disorderly expansion of housing enterprises,prevent and resolve the risks of high-quality head housing enterprises,strengthen the construction of housing security system,and support rigid and improving housing demand.This means that the real estate industry will move towards a new development model.Since the market-oriented reform of the real estate industry,after years of vigorous development,it has formed a core industrial chain that affects and drives economic growth.At the same time,under the tax sharing system,local governments rely on the fiscal revenue brought by land transfer,which has promoted the development of the real estate industry to a certain extent.However,since2016,the central government has adhered to the positioning of “ housing,housing,not speculation ”,and the factors such as the reduction of birth population,the acceleration of aging,and the epidemic situation have made the past “ high debt,high leverage,high turnover ” business model urgently need to change,and the real estate industry needs to be transformed.The ESG concept reflects the increasing emphasis on energy conservation and environmental protection,the rights and interests of various stakeholders,and enterprise risk management,which is in line with the future direction of the real estate industry.The attention of all parties in society to the performance of enterprise ESG and the support for enterprise ESG information disclosure point out the way for real estate enterprises to practice ESG sustainable development.The real estate industry is a typical capital-intensive industry.The financing problem of housing enterprises is very important for the stable development of the whole industry.Therefore,this paper takes Taihe Group as the entry point to study how the ESG performance of Taihe Group affects the change of its financing constraints,and reveals that real estate enterprises should pay attention to their own ESG performance and transform to the direction of ESG concept advocacy to promote the high-quality development of the real estate industry.On the basis of combing the relevant theoretical research,this paper puts forward that the ESG performance of real estate enterprises has a negative impact on their financing constraints,and the three aspects of ESG performance have different effects on financing constraints.Then the fixed effect model is used to verify the previous hypothesis,and the theoretical research and empirical test results are used to analyze the impact of Taihe Group’s ESG performance on its financing constraints.The results show that the slow-release effect of ESG performance on financing constraints is common in the real estate industry.Among them,the performance of E has no significant impact on its financing constraints,and the performance of S and G has a significant impact,but the synergy of the three aspects of ESG cannot be ignored.The financing constraints of “ Taihe Group ” show a “ U ” trend,mainly because the macro environment is better in the early stage.The excellent part of the enterprise S and G has accumulated a certain amount of social capital for it,offsetting the impact of its poor performance,and alleviating the degree of information asymmetry inside and outside the enterprise through signal display and screening.Reduce the occurrence of agency problems,thereby reducing the degree of financing constraints suffered by enterprises.In this process,the company did not realize its negligence and did not correct it.After the macro environment becomes worse and various factors are superimposed,the negative impact of Taihe Group’s poor performance in S and G cannot be completely offset,and the degree of financing constraints faced by enterprises tends to rise.Due to the lack of risk control in the early stage of the enterprise,the high leverage operation makes the enterprise unable to deal with the problem of poor cash flow in time,and its performance in S and G is further deteriorated,and the financing constraints are rising sharply.Therefore,real estate enterprises should pay attention to the crisis behind the good appearance and the possible negative impact of bad performance in the ESG transformation.Therefore,this paper puts forward four suggestions: first,relying on the competitive advantage of enterprises to carry out strategic transformation;second,pay attention to the real estate industry to improve quality and efficiency;third,the government departments to the real estate industry because of the city policy;fourth,create a good business environment for enterprise ESG transformation. |
