VARIABLES

(1)

低碳城市试点

(2)

非低碳城市试点

(3)

国有企业

(4)

非国有企业

Innovate

0.066^***

0.001

0.028

0.035^*

(3.10)

(0.02)

(1.26)

(1.94)

SIZE

−0.458^***

−0.349^***

−0.379^***

−0.412^***

(−22.24)

(−20.23)

(−17.80)

(−23.06)

LEV

−0.048

−0.593^***

−0.720^***

−0.034

(−0.29)

(−4.71)

(−4.28)

(−0.26)

LIQ

0.058^***

0.074^***

0.124^***

0.069^***

(4.74)

(7.51)

(6.55)

(7.86)

Growth

−0.295^***

−0.062

0.279^**

−0.219^***

(−4.00)

(−1.11)

(2.51)

(−4.16)

TOP1

0.004^***

0.003^**

0.005^***

0.004^***

(2.69)

(2.44)

(3.28)

(3.88)

year

控制

控制

控制

控制

Constant

12.962^***

10.486^***

11.011^***

11.766^***

(30.36)

(28.64)

(24.09)

(31.25)

Observations

2794

4348

2071

4836

R-squared

0.362

0.333

0.372

0.331