| VARIABLES | (1) | (2) | (3) |
| TQ | TQ | TQ | |
| RA | 1.730*** |
| 10.991* |
|
| (6.11) |
| (1.91) |
| RA*SIZE |
|
| −0.438* |
|
|
|
| (−1.73) |
| SIZE |
| −0.932*** | −0.668*** |
|
|
| (−20.64) | (−4.67) |
| STOCK | −0.125 | 0.602*** | 0.468** |
|
| (−0.44) | (2.61) | (2.04) |
| ROA | 3.012*** | 5.482*** | 5.164*** |
|
| (4.75) | (9.25) | (8.73) |
| Debt | −2.936*** | −0.690*** | −0.583** |
|
| (−11.86) | (−2.69) | (−2.15) |
| ID | 2.019*** | 1.904*** | 1.914*** |
|
| (3.71) | (3.87) | (3.90) |
| Constant | 3.485*** | 23.778*** | 17.213*** |
|
| (11.14) | (24.85) | (5.25) |
| year | 控制 | 控制 | 控制 |
| Observations | 5,407 | 5,407 | 5,407 |
| R-squared | 0.355 | 0.497 | 0.503 |