变量

(1)

(2)

(3)

(4)

国有企业

非国有企业

高环境规制

低环境规制

CCR

CCR

CCR

CCR

Policy

0.404^***

0.297^***

0.443^***

0.233^***

(4.34)

(3.83)

(4.64)

(4.18)

soe

0.144

0.257^***

(1.62)

(3.69)

patent

0.075^***

0.068^***

0.090^***

0.049^*

(2.75)

(2.80)

(3.65)

(1.86)

export

0.003

0.001

0.002

0.001

(1.31)

(0.95)

(1.31)

(1.05)

lev

−0.012^***

−0.008^***

−0.009^***

−0.011^***

(−4.13)

(−4.11)

(−3.00)

(−5.66)

roe

0.020^***

0.012^***

0.018^***

0.013^***

(8.37)

(3.48)

(6.95)

(3.52)

gdpgrowth

−0.002

0.003

−0.002

0.006

(−0.47)

(0.68)

(−0.73)

(0.89)

environment

0.013

0.028

(0.29)

(1.06)

Constant

3.138^***

2.794^***

2.721^***

2.978^***

(17.57)

(23.62)

(15.15)

(27.45)

AreaFE

YES

YES

YES

YES

YearFE

YES

YES

YES

YES

IndustryFE

YES

YES

YES

YES

Adj_R²

0.417

0.208

0.316

0.273

Observations

1067

1452

1122

1397