变量 | (1) Efficiency | (2) Efficiency | (3) Efficiency |
GCL | 5.8758*** (0.5224) | 9.5353*** (0.1804) | 10.7002*** (0.1912) |
IV |
|
|
|
Scale | 0.0816*** (0.0040) | 0.0615*** (0.0031) | 0.0574*** (0.0029) |
Lev | −0.1141*** (0.0140) | −0.0919*** (0.0114) | −0.0833*** (0.0103) |
Roa | −0.1157*** (0.0187) | −0.0709*** (0.0153) | −0.0788*** (0.0156) |
Tobinq | −0.0002 (0.0011) | 0.00215* (0.0009) | 0.0050*** (0.0010) |
Stock | 0.0004*** (0.0001) | 0.0003*** (0.0001) | 0.0003*** (0.0001) |
Gdp | −0.0829*** (0.0088) | −0.0107 (0.0073) | −0.0016 (0.0132) |
Fdi | −1.6126*** (0.1851) | −1.8087*** (0.1265) | −1.7164*** (0.1222) |
Gov | 0.0909 (0.0614) | 0.1434*** (0.0397) | 0.1724*** (0.0422) |
常数项 | −0.8952*** (0.0920) | −0.7739*** (0.0685) | −0.7074*** (0.0609) |
行业固定效应 | Yes | Yes | Yes |
个体固定效应 | Yes | Yes | Yes |
N | 7811 | 6538 | 7000 |
R2 | 0.7112 | 0.7490 | 0.7755 |