(1)

(2)

变量

ESG

ESG

CAPM

0.00053^**

0.00217^***

(2.21)

(8.75)

Size

−0.00495^***

(−28.08)

DFL

0.01019^***

(9.12)

ROA

0.02310^***

(6.16)

Cashflow

−0.01584^***

(−5.75)

Growth

−0.00029

(−0.63)

Markup

−0.00542^***

(−8.99)

Age

−0.02489^***

(−44.87)

Own

−0.00000

(−0.19)

MSHARE

0.00002^*

(1.65)

Duality

0.00010

(0.28)

Boards

0.00677^***

(7.68)

_cons

0.08776^***

0.24819^***

(87.42)

(64.92)

R²

0.100

0.184

N

17,970

17,969