企业性质

行业特征

国有

非国有

污染

非污染

ESG

−0.252^***

−0.207^***

−0.134^**

−0.246^***

(−5.65)

(−4.68)

(−2.99)

(−6.07)

Size

−0.0822^**

0.00711

−0.233^***

−0.0121

(−2.33)

(0.16)

(−6.60)

(−0.44)

Lev

0.366

1.702^***

2.872^***

0.721^**

(1.37)

(11.36)

(12.32)

(2.68)

ROA

−0.107

4.973^***

5.319^***

3.489^***

(−0.12)

(6.74)

(6.88)

(3.63)

Cashflow

3.755^***

1.810^**

−1.195^*

3.455^***

(5.28)

(2.80)

(−1.89)

(4.40)

Indep

−1.939^***

2.684^***

1.448^*

0.592

(−3.20)

(6.61)

(1.95)

(1.35)

TobinQ

0.0277

0.0783^***

0.0784^*

0.0476^*

(0.66)

(4.16)

(1.80)

(2.08)

SOE

0

0

−0.336^**

−0.259^***

(.)

(.)

(−2.85)

(−3.13)

FirmAge

−0.602^***

−0.566^***

−0.445^*

−0.557^***

(−4.31)

(−4.52)

(−2.12)

(−5.34)

Top1

−0.360

0.786^**

0.663

0.119

(−1.21)

(2.88)

(1.72)

(0.39)

常数项

9.704^***

4.441^***

9.556^***

6.467^***

(9.65)

(3.91)

(8.26)

(8.55)

YearDum

控制

控制

控制

控制

样本量

10,000

14,970

7476

17,494