| 变量 | (1) | (2) |
| AUTI | AUTI | |
|
| 非国有企业 | 国有企业 |
| ESG | −0.0044** | −0.0032 |
| (−2.2602) | (−1.0405) | |
| Size | 0.0458*** | 0.0313*** |
| (5.3862) | (2.5929) | |
| Lev | 0.0222 | 0.0695* |
| (0.9176) | (1.6740) | |
| Roa | −0.3026*** | −0.2845*** |
| (−10.0365) | (−4.5311) | |
| Tobinq | −0.0060*** | −0.0054 |
| (−2.7414) | (−1.3321) | |
| Age | 0.0062 | −0.0151 |
| (0.5809) | (−0.6780) | |
| First | 0.0006 | 0.0008 |
| (1.1444) | (1.3166) | |
| Ihold | −0.0004 | 0.0005 |
| (−1.5929) | (1.1707) | |
| Fee | 0.0146 | −0.0000 |
| (1.2790) | (−0.0002) | |
| Opin | −0.0547*** | −0.0338* |
| (−5.8064) | (−1.9213) | |
| Constant | 3.4934*** | 3.7873*** |
| (17.4589) | (13.7759) | |
| Year | YES | YES |
| Industry | YES | YES |
| Obs | 9295 | 4545 |
| R-sq | 0.1423 | 0.1885 |
| Number | 2330 | 997 |