变量名称

资产负债率(固定效应)

长期负债率(固定效应)

模型1

模型2

模型1

模型2

Con

2525.11^***

2508.251^***

(22.65)

783.9366^***

(16.41)

889.717^***

(15.99)

(36.68)

Size

0.1205^***

0.1205^***

(4.07)

0.0320^***

(3.31)

0.0320^***

(3.31)

(4.07)

NDTS

−0.1019^***

−0.1063^***

(−3.33)

−0.0299^**

(−1.98)

−0.0246^**

(−2.03)

(−3.31)

Growth

0.0436^***

0.0429^**

(2.93)

−0.1191^***

(−2.59)

−0.098^*

(−1.41)

(3.03)

ROE

−0.02163^*

(−1.90)

−0.0209^**

(−2.86)

−0.0159^*

(−1.53)

−0.0131^*

(−1.47)

CAV

0.5188^***

(20.52)

0.6323^***

(27.78)

0.1391^***

(10.90)

0.1323^***

(10.34)

Life1

−14.7227^*

(−1.93)

−62.8791^***

(−4.46)

Life2

−14.46652

(−0.52)

−49.9904^***

(−3.53)

N

2854

2854

2854

2854

R²

0.4979

0.5648

0.217

0.2855

F值

88.34

93.09

27.09

32.50

F值的显著性

0.000

0.000

0.000

0.003