全样本

Risk

国有企业

Risk

非国有企业

Risk

ESG

−0.0021^***

(−7.24)

−0.0020^***

(−5.30)

−0.0022^***

(−5.18)

Size

−0.0010^***

(−3.13)

−0.0012^*

(−1.89)

−0.0010^**

(−2.51)

Lev

0.0040^***

(3.77)

0.0051^***

(2.92)

0.0027^**

(2.00)

ROA

0.0023

(1.06)

0.0043

(1.16)

0.0014

(0.56)

Cash

−0.0001

(−0.05)

−0.0007

(−0.41)

0.0002

(0.16)

Growth

0.0014^***

(12.71)

0.0019^***

(10.95)

0.0011^***

(8.11)

C

0.0471^***

(6.40)

0.0510^***

(3.61)

0.0467^***

(5.49)

Industry_Effects

YES

YES

YES

Year_Effects

YES

YES

YES

N

9100

3874

5226

R²

0.3915

0.3477

0.4366