(1)

(2)

(3)

(4)

(5)

全样本

国有

非国有

污染

非污染

EffInv2

EffInv3

EffInv2

EffInv3

EffInv2

EffInv3

EffInv2

EffInv3

EffInv2

EffInv3

ESG

−0.241^**

−0.0890^**

−0.326^***

−0.105^*

−0.177

−0.0746

−0.239^**

−0.118

−0.280^**

−0.103^**

(−2.78)

(−2.98)

(−3.36)

(−1.85)

(−1.73)

(−1.58)

(−2.58)

(−1.79)

(−2.63)

(−2.87)

Size

0.0453

−0.0494^*

0.0510

−0.0750^**

0.0333

0.0410

−0.0929

−0.203^***

0.105

0.00546

(0.44)

(−1.99)

(0.74)

(−2.53)

(0.22)

(0.78)

(−0.85)

(−5.17)

(0.84)

(0.17)

Lev

0.174

1.350^***

−0.833^**

0.486^*

0.900

1.725^***

1.794^**

2.862^***

−0.502

0.805^***

(0.38)

(8.11)

(−2.51)

(1.81)

(1.61)

(10.83)

(2.51)

(10.62)

(−0.96)

(3.29)

ROA

6.182^***

4.963^***

2.048^*

1.659

7.728^***

5.870^***

5.697^***

6.566^***

6.739^***

4.612^***

(7.29)

(6.04)

(1.96)

(1.70)

(5.89)

(6.96)

(4.98)

(7.17)

(4.93)

(4.33)

Cash

−0.502

2.730^***

2.372^**

3.897^***

−1.970

2.114^***

−1.662

−1.073

−0.176

3.776^***

(−0.35)

(3.79)

(2.22)

(4.40)

(−1.14)

(3.15)

(−1.18)

(−1.47)

(−0.12)

(4.28)

Indep

0.723

0.598^*

−1.299^*

−1.793^**

2.258^**

2.587^***

0.814

1.577^*

0.803

0.487

(1.27)

(2.20)

(−1.83)

(−2.78)

(2.98)

(5.50)

(0.83)

(2.12)

(0.88)

(1.10)

TobinQ

0.178^***

0.0197

0.194^**

−0.0131

0.145^***

0.0422^*

0.202^**

0.0530

0.162^***

0.00595

(4.67)

(0.67)

(2.43)

(−0.29)

(4.12)

(1.82)

(2.99)

(1.14)

(4.53)

(0.20)

SOE

−0.977^***

−0.267^***

0

0

0

0

−0.673^***

−0.293^*

−1.139^***

−0.289^***

(−3.55)

(−3.23)

(.)

(.)

(.)

(.)

(−4.39)

(−2.03)

(−3.17)

(−3.24)

Age

−0.605^**

−0.611^***

−0.966^***

−0.715^***

−0.457

−0.648^***

−0.839^***

−0.534^**

−0.485

−0.639^***

(−2.86)

(−5.38)

(−6.47)

(−4.06)

(−1.55)

(−4.99)

(−3.66)

(−2.30)

(−1.77)

(−5.45)

Top 1

0.114

0.175

−0.379

−0.669

0.397

0.848^**

0.0172

0.504

0.128

0.0378

(0.38)

(0.72)

(−0.79)

(−1.75)

(1.06)

(2.96)

(0.04)

(1.07)

(0.27)

(0.11)

常数项

6.486^***

7.198^***

7.752^***

9.864^***

5.331

3.922^***

8.507^***

9.288^***

5.549^**

6.307^***

(3.28)

(9.55)

(5.91)

(9.07)

(1.63)

(3.19)

(4.54)

(7.92)

(2.24)

(7.84)

YearDum

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样本量

24,970

10,000

14,970

7476

17,494