Table 13.
Corporate debt heterogeneity.
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| M1 | M2 | M3 | M11 | M21 | M31 | |
| DDD | 0.341*** | 0.279 * * | 0.374*** | −0.0352 | −0.0504 | −0.0375 |
| [0.1262] | [0.1239] | [0.1284] | [0.1312] | [0.1292] | [0.1313] | |
| SI | 0.00902*** | 0.00612*** | ||||
| [0.0006] | [0.0005] | |||||
| CI | 0.00645*** | 0.000542 | ||||
| [0.0006] | [0.0005] | |||||
| DD | 0.312*** | 0.318*** | 0.284*** | 0.114 * * | 0.120 * * | 0.113 * * |
| [0.0703] | [0.0700] | [0.0690] | [0.0517] | [0.0517] | [0.0517] | |
| treat | 0.0513 | 0.0690 | −0.0177 | −0.0474 | −0.0747 | −0.0475 |
| [0.1179] | [0.1157] | [0.1204] | [0.1235] | [0.1213] | [0.1236] | |
| treat | 0.244*** | 0.234*** | 0.210*** | 0.0462 | 0.0548 | 0.0474 |
| [0.0669] | [0.0667] | [0.0657] | [0.0490] | [0.0491] | [0.0490] | |
| group | 0.143*** | 0.0775 * * | 0.176*** | 0.0227 | 0.0882*** | 0.0215 |
| [0.0374] | [0.0374] | [0.0376] | [0.0315] | [0.0317] | [0.0315] | |
| LnAssets | 0.564*** | 0.532*** | 0.577*** | 0.350*** | 0.327*** | 0.351*** |
| [0.0175] | [0.0177] | [0.0174] | [0.0165] | [0.0167] | [0.0166] | |
| Leverage | 0.730*** | 0.708*** | 0.735*** | 0.692*** | 0.539*** | 0.700*** |
| [0.1310] | [0.1304] | [0.1298] | [0.1258] | [0.1258] | [0.1261] | |
| ROA | 0.0741 | 0.0282 | 0.125 | 2.524*** | 2.567*** | 2.486 * * |
| [0.1843] | [0.1854] | [0.1825] | [0.9660] | [0.9584] | [0.9705] | |
| ROE | 0.0418 * * | 0.0460 * * | 0.0420 * * | 2.104*** | 2.094*** | 2.084*** |
| [0.0187] | [0.0193] | [0.0185] | [0.7248] | [0.7193] | [0.7271] | |
| Cash | −0.169 | −0.215 | −0.118 | 0.743*** | 0.796*** | 0.727*** |
| [0.1811] | [0.1776] | [0.1785] | [0.1640] | [0.1628] | [0.1648] | |
| Growth | 0.00000252*** | −0.00000426*** - | 0.00000253*** | 0.0168*** | 0.0141*** | 0.0170*** |
| [0.0000] | [0.0000] | [0.0000] | [0.0035] | [0.0032] | [0.0036] | |
| BM | 0.129*** | 0.127*** | 0.120*** | 0.0754 * | −0.0656 | 0.0749 * |
| [0.0145] | [0.0143] | [0.0144] | [0.0422] | [0.0419] | [0.0422] | |
| Q | 0.0271*** | 0.0318*** | 0.0225*** | 0.00413*** | 0.00620*** | 0.00402*** |
| [0.0052] | [0.0058] | [0.0047] | [0.0013] | [0.0013] | [0.0013] | |
| LnAge | 0.248*** | 0.209*** | 0.240*** | 0.0846*** | 0.0733 * * | 0.0843*** |
| [0.0469] | [0.0466] | [0.0466] | [0.0321] | [0.0318] | [0.0321] | |
| SOE | 0.0988*** | 0.0827*** | 0.129*** | 0.125*** | 0.122*** | 0.126*** |
| [0.0321] | [0.0318] | [0.0318] | [0.0282] | [0.0282] | [0.0282] | |
| _cons | 10.27*** | 9.405*** | 10.78*** | 6.739*** | 6.036*** | 6.789*** |
| [0.4073] | [0.4121] | [0.4068] | [0.3483] | [0.3563] | [0.3538] |
(1) M1: The effect of carbon trading policy for highly indebted enterprises on green technology innovation.
(2) M2: The mediating role of SI (Supplier concentration) in highly indebted enterprises.
(3) M3: The mediating role of CI (customer concentration) in highly indebted enterprises.
(4) M11: The effect of carbon trading policies on green technology innovation in low-debt enterprises.
(5) M21: The mediating role of SI (Supplier concentration) in low debt firms.
(6) M31: Mediating role of CI (customer concentration) in low debt enterprises.