变量

模型(1)

模型(2)

模型(3)

截距

(θ)

0.1286^***

(0.0190)

10.40502^***

(0.5254)

0.1381^***

(0.0194)

内控有效性(DIB)

−0.0009^**

(0.0004)

审计费用(AF)

−0.0039^***

(0.0014)

−0.1597^***

(0.0383)

−0.0040^***

(0.0014)

营业毛利率(OPR)

−0.0064^**

(0.0025)

0.0502

(0.0702)

−0.0064^**

(0.0025)

账面市值比(BMR)

−0.0069^**

(0.0035)

−0.3866^***

(0.0979)

−0.0073^**

(0.0035)

流动资产周转率(ATO)

−0.0020^**

(0.0008)

0.0348

(0.0231)

−0.0020^**

(0.0008)

每股股利变动值(CDS)

−0.0085

(0.0055)

−0.3536^**

(0.1518)

−0.0088

(0.0055)

经营杠杆(DOL)

0.0002^**

(0.0001)

−0.0008

(0.0031)

0.0002^**

(0.0001)

资本保值增值率(RCA)

0.0005^***

(0.0001)

0.0025

( 0.0031)

0.0005^***

(0.0001)

净利润增长率(NPG)

0.0001

(0.0001)

−0.0006

(0.0023)

0.0001

(0.0001)

市销率(PSR)

0.0001

(0.00004)

0.0004

(0.0012)

0.0001

(0.00004)

Adj R-squared

0.0069

0.0049

0.0074

F值

7.02^***

5.28^***

6.82^***