(1)

(2)

变量

国有企业ESG

非国有企业ESG

CAPM

0.00013

0.00061^***

(0.63)

(3.36)

Size

0.00239^***

0.00363^***

(5.53)

(9.73)

DFL

−0.00157

−0.00386^***

(−0.89)

(−2.59)

ROA

0.01485^***

−0.01135^***

(3.67)

(−3.73)

Cashflow

0.00687^***

0.00647^**

(2.59)

(2.40)

Growth

−0.00092^**

−0.00066^*

(−2.43)

(−1.80)

Markup

0.00120

−0.00150

(0.93)

(−1.46)

Age

−0.00270

0.00644^**

(−0.83)

(2.55)

Own

−0.00009^***

−0.00007^***

(−3.34)

(−2.63)

MSHARE

−0.00029^**

0.00006^***

(−2.41)

(3.11)

Duality

−0.00011

−0.00032

(−0.28)

(−0.79)

Boards

0.00102

0.00143

(0.70)

(1.03)

_cons

0.07115^***

0.02081^**

(5.43)

(2.06)

R²

0.698

0.627

adj. R²

0.662

0.586

AIC

−54639.43887

−60950.54684

BIC

−54475.46637

−60783.48848

F

865.88747

726.96107

N

9221

10,545