变量

(1) 市场化程度高

(2) 市场化 程度低

(1) 机构投资者持股比例高

(2) 机构投资者 持股比例低

(1) 国有 企业

(2) 非国有 企业

ESG

−3.9691^***

−4.1776^***

−4.0635^***

−3.8221^***

−2.9663^***

−4.1568^***

(0.3717)

(0.5324)

(0.4671)

(0.3967)

(0.5029)

(0.3869)

Age

−0.4495^***

−0.3933^***

−0.2419^***

−0.4255^***

0.0682

−0.5012^***

(0.0663)

(0.0906)

(0.0711)

(0.0816)

(0.0862)

(0.0801)

Beta

72.6232^***

72.3697^***

77.9766^***

65.3152^***

68.3756^***

72.5280^***

(1.7496)

(4.5676)

(3.0016)

(2.0717)

(4.2972)

(1.7836)

BM

−68.8235^***

−64.7118^***

−60.2674^***

−79.8518^***

−57.9668^***

−71.7527^***

(2.1806)

(3.2867)

(2.6170)

(2.5566)

(3.1378)

(2.2709)

LEV

22.6934^***

22.2771^***

22.4947^***

19.8028^***

28.4227^***

20.6525^***

(2.7769)

(4.1211)

(3.7195)

(2.8607)

(3.8933)

(2.9423)

ROE

−0.4708

−0.2734

−4.7960

−0.3009

−0.0729

−0.7756

(0.3498)

(0.4892)

(3.8682)

(0.2244)

(0.2205)

(0.6928)

size

1.5905

2.9689^*

1.6656

10.0894^***

−2.3760

5.8886^***

(1.1122)

(1.8036)

(1.3262)

(1.4257)

(1.5426)

(1.2821)

Top10

1.1879^***

1.2945^***

1.3161^***

1.3754^***

1.1843^***

1.2798^***

(0.0331)

(0.0503)

(0.0521)

(0.0418)

(0.0479)

(0.0354)

TUR

0.1521^***

0.1498^***

0.1756^***

0.1448^***

0.1544^***

0.1524^***

(0.0022)

(0.0032)

(0.0035)

(0.0021)

(0.0031)

(0.0022)

NPM

−5.7897^**

−10.7421^***

−12.0518^***

−5.5760^**

−12.3102^**

−5.2169^*

(2.7104)

(2.5605)

(3.0157)

(2.5448)

(4.7817)

(2.8012)

Constant

129.9722^***

96.4975^***

83.8312^***

53.4723^***

135.2331^***

84.1655^***

(13.4630)

(16.7086)

(15.2806)

(14.0150)

(15.6963)

(13.3812)

Observations

11,894

4735

7160

9469

5622

11,007

R-squared

0.7341

0.7295

0.7334

0.7324

0.7215

0.7246

行业固定

YES

YES

YES

YES

YES

YES

年度固定

YES

YES

YES

YES

YES

YES