(1)

(2)

(3)

(4)

(5)

(6)

所有权

ESG水平

融资约束

国有企业

非国有企业

高ESG水平

低ESG水平

高融资约束

低融资约束

VARIABLES

ES

ES

ES

ES

ES

ES

lnESG

0.282^***

0.079

0.133

0.268^**

0.169

0.297^**

(2.82)

(0.84)

(1.47)

(2.20)

(0.99)

(2.21)

SA

0.041

−0.075

−0.024

−0.016

0.013

−0.062

(0.88)

(−1.54)

(−0.49)

(−0.30)

(0.29)

(−1.01)

ROE

0.146^***

0.045

0.147^***

−0.063

0.164^***

0.087

(2.99)

(0.62)

(3.13)

(−0.38)

(3.05)

(1.41)

GrossProfit

−0.429^**

−0.133

−0.683^***

−0.308

−0.238

−0.627^**

(−2.01)

(−0.66)

(−3.43)

(−1.28)

(−1.35)

(−2.32)

Lev

−0.031

0.043

0.063

0.096

0.068

0.016

(−0.42)

(0.50)

(0.69)

(1.02)

(0.88)

(0.19)

Constant

−0.509^*

−0.853^***

−0.620^**

−0.861^**

−0.610

−1.006^***

(−1.66)

(−3.13)

(−2.25)

(−2.59)

(−1.51)

(−2.81)

Observations

188

313

271

237

256

252

year Effect

YES

YES

YES

YES

YES

YES

province Effect

YES

YES

YES

YES

YES

YES

r2_a

0.357

0.256

0.326

0.192

0.253

0.282