| 产权异质性 | 融资约束 | |||
| 非国有企业 | 国有企业 | 融资约束小 | 融资约束大 | |
| ESG | ESG | ESG | ESG | |
Multi | 0.752*** | 0.431 | 0.883*** | 0.665*** | |
| (0.212) | (0.268) | (0.274) | (0.227) | |
_cons | −38.404*** | −35.898*** | −46.322*** | −28.246*** | |
| (4.303) | (5.149) | (6.052) | (3.903) | |
Year | 是 | 是 | 是 | 是 | |
Industry | 是 | 是 | 是 | 是 | |
Observations | 4673 | 4233 | 3906 | 4867 | |
R-squared | 0.663 | 0.737 | 0.677 | 0.723 | |