Green Credit, Financial Ecological Environment, and Investment Efficiency

Table 4

The impact of green credit on investment efficiency.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	M1	M2	M3	M4	M5	M6	M7
Pollution	0.0165	0.0196	0.0196	0.0199	0.0190	0.0191	0.0194
	(0.0020)	(0.0022)	(0.0021)	(0.0021)	(0.0021)	(0.0022)	(0.0020)
After	0.0085	−0.0067	−0.0068	−0.0069	−0.0079	−0.0082	−0.0079
	(0.0010)	(0.0010)	(0.0010)	(0.0010)	(0.0010)	(0.0010)	(0.0010)
Pollution × After	0.0029	−0.0030	−0.0030	−0.0030	−0.0029	−0.0028	−0.0026
	(0.0010)	(0.0010)	(0.0010)	(0.0010)	(0.0010)	(0.0010)	(0.0010)
Size		−0.0020	−0.0021	−0.0021	−0.0020	−0.0020	−0.0015
		(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)
Roa			0.0147	0.0109	0.0158	0.0158	0.0069
			(0.0037)	(0.0038)	(0.0038)	(0.0038)	(0.0039)
Growth				0.0020	0.0023	0.0023	0.0021
				(0.0005)	(0.0005)	(0.0005)	(0.0005)
Tat					−0.0037	−0.0036	−0.0032
					(0.0005)	(0.0005)	(0.0005)
Ids						0.0063	0.0046
						(0.0034)	(0.0034)
Age							−0.0033
							(0.0003)
cons	0.0164	0.0591	0.0599	0.0603	0.0598	0.0580	0.0546
	(0.0018)	(0.0038)	(0.0038)	(0.0038)	(0.0038)	(0.0040)	(0.0039)
R^2 adjusted	0.0588	0.0669	0.0678	0.0690	0.0722	0.0726	0.0795
F	26.7022	29.9979	29.7287	29.8250	30.0947	29.6057	31.0591
N	18349	18349	18349	18349	18349	18287	18287

Notes: standard deviations are in parentheses; , , and indicate significant differences at , , and , respectively.