Research on Co-Creation Mechanisms and Innovation Strategies of ESG and Real Estate Enterprises Empowered by New Quality Productivity

Abstract

As a resource-intensive industry, real estate firms have become the focus of research on how to improve ESG performance and cope with environmental and social responsibility pressures. The rise of new-quality productivity provides enterprises with the impetus to innovate, especially driven by technological and digital transformation, which enables real estate enterprises to better achieve green and sustainable development while optimizing resource allocation and enhancing productivity. This study examines the impact of new quality productivity on the ESG performance of real estate companies, using data from 1,200 real estate companies in Shanghai and Shenzhen A-shares over the period 2015-2024 for empirical analysis. It is found that there is a significant positive correlation between new quality productivity and firms' ESG performance. Specifically, the improvement of new quality productivity can significantly promote firms' ESG performance, especially the effect is more significant in firms with higher technology level. In addition, financing constraints play a partial mediating role in this process. The empirical results show that real estate firms can further enhance their market competitiveness by optimizing resource allocation, reducing environmental impacts, enhancing social responsibility and optimizing governance structure while improving the level of new quality productivity. Data analysis shows that the positive impact of new quality productivity on corporate ESG is particularly prominent among high-growth enterprises, and the digital transformation and technological innovation of enterprises have become key factors driving this process. The study suggests that enhancing new quality productivity not only helps to promote the high-quality development of enterprises, but also provides an important guarantee for the sustainable development of the real estate industry.