(1)

(2)

变量

中西部地区ESG

东部地区ESG

CAPM

0.00047^**

0.00018

(2.12)

(1.06)

Size

0.00395^***

0.00281^***

(8.36)

(8.41)

DFL

−0.00370^**

−0.00272^*

(−2.02)

(−1.94)

ROA

−0.00301

−0.00334

(−0.76)

(−1.12)

Cashflow

0.01323^***

0.00500^**

(4.10)

(2.14)

Growth

−0.00113^***

−0.00084^**

(−2.72)

(−2.47)

Markup

0.00107

−0.00091

(0.84)

(−0.92)

Age

0.00030

0.00762^***

(0.08)

(3.44)

Own

−0.00005^*

−0.00010^***

(−1.73)

(−4.37)

MSHARE

−0.00002

0.00003^*

(−0.47)

(1.67)

Duality

−0.00047

−0.00001

(−1.00)

(−0.03)

Boards

−0.00154

0.00283^**

(−0.97)

(2.26)

_cons

0.03575^**

0.03293^***

(2.51)

(3.57)

R²

0.683

0.661

adj. R²

0.650

0.626

AIC

−39462.35497

−75646.08546

BIC

−39305.69382

−75474.11438

F

596.23723

1049.38696

N

6710

13,056