| 变量 | GROWTH | GROWTH | GROWTH | |||
| 财务约束高 | 财务约束低 | 财务约束高 | 财务约束低 | 财务约束高 | 财务约束低 | |
| CSR | 0.06 | 0.172** |
|
|
|
|
|
| (0.91) | (2.48) |
|
|
|
|
| ICSR |
|
| (0.33) | 0.27 |
|
|
|
|
|
| (−1.04) | (0.61) |
|
|
| ECSR |
|
|
|
| 0.34 | 0.564** |
|
|
|
|
|
| (1.27) | −1.97 |
| IDR | (0.07) | (0.20) | (0.07) | (0.20) | (0.07) | −0.201 |
|
| (−0.61) | (−1.46) | (−0.61) | (−1.45) | (−0.58) | (−1.44) |
| Share | 0.09 | (0.02) | 0.091* | 0.00 | 0.09 | −0.019 |
|
| (−1.64) | (−0.38) | (1.68) | 0.00 | (1.59) | (−0.34) |
| Insti | 0.170*** | 0.099*** | 0.173*** | 0.102*** | 0.169*** | 0.100*** |
|
| (−6.16) | (2.97) | (6.31) | (3.10) | (6.15) | −3.01 |
| Age | (6.16) | (0.22) | 0.21 | (0.23) | 0.22 | −0.215 |
|
| (0.94) | (−0.94) | (0.87) | (−1.00) | (0.95) | (−0.93) |
| Ind | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 |
| Year | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 |
| _cons | −25.973*** | 31.719*** | −24.163*** | 34.417*** | −26.310*** | 32.407*** |
|
| (−4.90) | (3.79) | (−4.59) | (3.97) | (−4.95) | (3.83) |
| N | 6136.00 | 5563.00 | 6136.00 | 5563.00 | 6136.00 | 5563.00 |
| 调整后的R方 | 0.20 | 0.27 | 0.20 | 0.27 | 0.20 | 0.27 |