变量

整体

A1

A2

A3

A4

C

11.101

(50.192)^***

6.572

(46.016)^***

7.740

(86.281)^***

10.349

(55.636)^***

11.950

(12.779)^***

F1偿债能力

0.031

(1.038)

0.144

(1.997)^*

0.052

(0.604)

−0.019

(−0.167)

−0.137

(−1.420)

F2营销能力

0.183

(5.756)^***

0.248

(3.085)^***

0.350

(3.780)^***

0.250

(2.247)^**

−0.235

(−0.710)

F3盈利能力

0.298

(8.867)^***

0.674

(9.578)^***

0.470

(5.382)^***

0.672

(5.654)^***

0.139

(0.531)

F4营运能力

−0.041

(−1.377)

−0.086

(−1.119)

−0.036

(−0.445)

0.028

(0.239)

−0.329

(−1.360)

F5现金流量

0.134

(4.413)^***

0.144

(1.844)^*

0.281

(3.152)^***

0.194

(1.761)^*

0.406

(1.961)

F6收益质量

0.180

(6.245)^***

0.469

(6.864)^***

0.335

(4.189)^***

0.131

(1.221)

−0.560

(−1.194)

D3

−0.216

(−3.334)^***

D1

−1.046

(−17.600)***

D2

−0.934

(−14.059)^***

D3F3

0.145

(3.579)^***

调整

0.874

0.857

0.579

0.496

0.947

F统计量

109.47

31.913^***

16.329^***

8.717^***

24.941^**

D-W统计量

1.892

1.682

1.742

1.640

2.437

样本数

157

32

68

48

9