变量名称

(1)

(2)

(3)

(4)

CCR

policy

0.340^***

0.329^***

0.338^***

0.326^***

(5.43)

(5.95)

(5.37)

(5.78)

soe

0.206^***

0.203^***

(3.73)

(3.60)

patent

0.073^***

0.073^***

(4.02)

(3.90)

export

0.002

0.002^*

(1.57)

(1.80)

lev

−0.010^***

−0.010^***

(−5.78)

(−5.69)

roe

0.015^***

0.015^***

(5.48)

(5.36)

GDP growth

0.002

0.002

(0.56)

(0.49)

environment

0.022

0.027

(0.90)

(1.08)

Constant

2.814^***

2.842^***

2.816^***

2.836^***

(76.47)

(29.99)

(75.41)

(29.78)

Area FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

Industry FE

YES

YES

YES

YES

Adj_R²

0.093

0.289

0.097

0.289

Observations

2519

2519

2464

2464