| (1) | (2) | (3) | (4) | (5) | (6) |
| ROE | ROE | ROE | ROE | ROE | ROE |
EID_Whether | 0.0107*** | 0.0109*** | 0.0120*** |
|
|
|
| (4.2744) | (4.3941) | (4.9083) |
|
|
|
EID_Quality |
|
|
| 0.0257** | 0.0312*** | 0.0334*** |
|
|
|
| (2.3771) | (2.9285) | (3.1358) |
Word | 0.0177*** |
|
| 0.0210*** |
|
|
| (2.8938) |
|
| (3.4786) |
|
|
Readability |
| 0.0018*** |
|
| 0.0021*** |
|
|
| (2.6724) |
|
| (3.2404) |
|
Similarity |
|
| −0.0193* |
|
| −0.0180 |
|
|
| (−1.7055) |
|
| (−1.5835) |
EID_Whether* Word | 0.0100* |
|
|
|
|
|
| (1.2597) |
|
|
|
|
|
EID_Quality* Word |
|
|
| 0.0518** |
|
|
|
|
|
| (2.4045) |
|
|
EID_Whether*Readability |
| 0.0011* |
|
|
|
|
|
| (1.1151) |
|
|
|
|
EID_Quality*Readability |
|
|
|
| 0.0028* |
|
|
|
|
|
| (1.0429) |
|
EID_Whether*Similarity |
|
| −0.0011* |
|
|
|
|
|
| (−0.0687) |
|
|
|
EID_Quality*Similarity |
|
|
|
|
| −0.0769** |
|
|
|
|
|
| (−1.8294) |
Growth | 0.0576*** | 0.0576*** | 0.0585*** | 0.0569*** | 0.0570*** | 0.0581*** |
| (14.9259) | (14.9341) | (15.2000) | (14.7638) | (14.7806) | (15.0824) |
Lev | −0.1067*** | −0.1066*** | −0.1046*** | −0.1070*** | −0.1063*** | −0.1036*** |
| (−13.5747) | (−13.5525) | (−13.3719) | (−13.5894) | (−13.4878) | (−13.2221) |
Cashflow | 0.5362*** | 0.5343*** | 0.5337*** | 0.5408*** | 0.5410*** | 0.5417*** |
| (24.0221) | (23.9516) | (23.9119) | (24.3006) | (24.3192) | (24.3311) |
Dual | −0.0050 | −0.0052 | −0.0050 | −0.0053 | −0.0054 | −0.0054 |
| (−1.4377) | (−1.5081) | (−1.4455) | (−1.5147) | (−1.5443) | (−1.5424) |
Indep | −0.0313 | −0.0308 | −0.0279 | −0.0284 | −0.0254 | −0.0218 |
| (−1.1368) | (−1.1191) | (−1.0120) | (−1.0296) | (−0.9186) | (−0.7881) |
Top1 | 0.0441*** | 0.0445*** | 0.0462*** | 0.0456*** | 0.0451*** | 0.0465*** |
| (4.3280) | (4.3731) | (4.5400) | (4.4670) | (4.4231) | (4.5651) |
SOE | −0.0060* | −0.0063* | −0.0067** | −0.0044 | −0.0046 | −0.0048 |
| (−1.8157) | (−1.8921) | (−2.0171) | (−1.3496) | (−1.3896) | (−1.4471) |
_cons | −0.0762 | 0.0649*** | 0.0772*** | −0.1095* | 0.0552*** | 0.0760*** |
| (−1.2609) | (3.8518) | (4.8267) | (−1.8364) | (3.2489) | (4.6143) |
年份效应 | YES | YES | YES | YES | YES | YES |
行业效应 | YES | YES | YES | YES | YES | YES |
N | 4725 | 4725 | 4725 | 4725 | 4725 | 4725 |
r2_a | 0.2487 | 0.2485 | 0.2475 | 0.2478 | 0.2467 | 0.2459 |