变量名称

成长期

成熟期

衰退期

固定效应

随机效应

固定效应

随机效应

固定效应

随机效应

Con

447.33^***

369.85^***

(12.42)

265.38^***

(10.35)

204.10^***

(14.66)

68.59^***

40.7625^***

(8.69)

(3.95)

(6.91)

Size

0.0098^***

0.0602^***

(4.04)

0.0409

(1.04)

0.1529

(1.08)

0.0524^***

0.044^***

(3.35)

(2.74)

(2.77)

NDTS

−0.0057^**

−0.051^***

(−3.40)

−0.0261

(−1.05)

−0.218^*

(−1.88)

−0.03467

−0.0347^**

(−2.18)

(−0.74)

(−2.17)

Growth

−0.213^**

−0.0164^**

(−2.28)

−0.0076

(−0.77)

−0.080

(−0.97)

−0.04265^***

−0.0354^**

(−2.42)

(−2.57)

(−2.01)

ROE

−0.0133

(−0.67)

−0.01431

(−0.86)

−0.0180^**

(−2.12)

−0.032^**

(−2.29)

−0.1733^**

(−2.16)

−0.181^**

(−2.19)

CAV

0.1465^***

(5.99)

0.1503^***

(9.93)

0.1286^***

(6.61)

0.1089^***

(9.78)

0.07150^***

(2.02)

0.5576^***

(3.60)

N

1555

1555

1017

1017

284

284

R²

0.1850

0.1412

0.1869

0.1937

0.153

0.149

F值

9.86

10.39

6.77

F值的显著性

0.000

0.0000

0.0032

Wald chi²

212.41

243.99

225.96

Wald chi²显著性

0.0000

0.0000

0.0000