ESG News Sentiment and Debt Risk of Real Estate Enterprises——Based on the perspective of financing and investment maturity mismatch
Healthy investment and financing decisions by real estate enterprises serve as a crucial guarantee for fostering a virtuous cy-cle between finance and real estate.Drawing upon data from ESG news sentiment and listed real estate enterprises spanning from 2007 to 2021,this study empirically investigates the influence of ESG news sentiment on the maturity mismatch between investment and fi-nancing in real estate enterprises,along with its contagion mechanism.Our findings reveal that positive ESG news sentiment can effec-tively alleviate the maturity mismatch in investment and financing among real estate enterprises,primarily by mitigating principal-agent conflicts and financing constraints.Heterogeneity analysis further indicates that for real estate enterprises in the maturity stage and those experiencing high market information asymmetry,the corrective effect of ESG news sentiment on their investment and financing maturity mismatch is more pronounced.Additionally,an analysis based on ESG media attention further confirms the vital governance role played by the media in addressing the maturity mismatch issue in real estate enterprises'investment and financing.This research not only con-tributes novel insights to the study of corporate investment and financing behavior,but also holds some practical significance for enter-prises seeking to enhance their external information environment and thus mitigate the mismatch dilemma.
ESG news sentimentreal estate enterprisesdebt riskinvestment and financing maturity mismatch
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