(1)

(2)

(3)

(4)

因变量：

Sucage

Sucage

ABsAgeDiff

deltaIC22

全样本

分组回归

制造业

非制造业

Bage

0.431^***

0.099^**

0.163^***

−0.003

(9.51)

(2.33)

(2.82)

(−0.05)

Dimage

0.139^***

−0.301^***

−0.353^***

−0.226^***

(5.90)

(−12.89)

(−11.10)

(−6.54)

ABsAgeDiff

−4.866^***

(−3.09)

Z

−0.001

−0.005

0.004

0.001

0.006

(−0.08)

(−0.56)

(0.49)

(0.12)

(0.58)

Bsize

0.321^***

0.353^***

0.447^***

0.346^***

0.491^***

−12.149^*

(3.10)

(3.59)

(4.72)

(2.44)

(3.92)

(−1.92)

Inde

0.669

5.111^*

6.220^**

5.372

6.456

−473.356^**

(0.22)

(1.72)

(2.20)

(1.35)

(1.62)

(−2.47)

MSalary

0.000^**

0.000

0.000

0.000

0.000

0.000^***

(2.35)

(0.77)

(0.81)

(0.03)

(1.34)

(4.11)

Education

−0.402^***

−0.296^**

−0.160

−0.200

−0.131

−3.920

(−3.23)

(−2.50)

(−1.41)

(−1.27)

(−0.79)

(−0.54)

Ifagent

−0.111

−0.357

−0.640

0.055

−1.455

−15.959

(−0.08)

(−0.30)

(−0.53)

(0.03)

(−1.02)

(−0.22)

Cirplurm

0.910

0.469

0.312

0.032

0.947

91.578^**

(1.43)

(0.78)

(0.54)

(0.04)

(1.08)

(2.46)

Indbocha

0.807^*

0.667

0.203

0.632

−0.199

−35.652

(1.78)

(1.52)

(0.49)

(1.04)

(−0.36)

(−1.31)

ServYears

−0.076

−0.094^*

−0.103^**

−0.175^**

−0.043

(−1.43)

(−1.79)

(−2.06)

(−2.43)

(−0.63)

Size

0.252^*

0.415^***

0.578^***

0.706^***

0.506^***

−71.364^***

(1.67)

(3.07)

(4.19)

(3.52)

(2.67)

(−8.08)

ROE

−1.361^**

0.152

−1.262^**

−0.160

−3.013^***

(−1.97)

(0.27)

(−2.00)

(−0.19)

(−3.21)

Lgrowth

7.194

(1.23)

Lev

−0.566

0.078

−0.344

0.296

−1.248

118.916^***

(−0.71)

(0.11)

(−0.47)

(0.28)

(−1.22)

(2.70)

CYEAR

控制

控制

控制

控制

控制

控制

Indcd

控制

控制

控制

控制

控制

控制

R-squared

0.197

0.135

0.223

0.248

0.210

0.196

adj_R²

0.145

0.0874

0.172

0.201

0.125

0.156

F

3.816

2.855

4.417

5.260

2.474

4.858