VARIABLES

中位数分组回归

平均数分组回归

(1) 良好

(2) 薄弱

(3) 良好

(4) 薄弱

RATEdiff

RATEdiff

salary

−0.002

−0.005^**

−0.002

−0.005^**

(−0.96)

(−2.36)

(−1.21)

(−2.16)

ROA

0.328^***

0.805^***

0.372^***

0.859^***

(9.38)

(14.80)

(11.23)

(13.38)

lev

−0.010

−0.040^***

−0.016

−0.039^***

(−0.94)

(−3.22)

(−1.64)

(−2.74)

size

0.006^***

0.005^***

0.006^***

0.005^**

(5.10)

(2.65)

(5.57)

(2.29)

Invent

−0.087^***

−0.071^***

−0.087^***

−0.068^***

(−8.05)

(−4.57)

(−8.52)

(−3.72)

Intang

−0.087^***

−0.131^***

−0.085^***

−0.147^***

(−3.49)

(−4.34)

(−3.71)

(−4.15)

growth

−0.000

−0.002

0.000

−0.003

(−0.30)

(−0.69)

(0.01)

(−1.24)

Constant

−0.097^***

−0.049

−0.101^***

−0.048

(−2.92)

(−0.99)

(−3.21)

(−0.83)

N

3,362

3,363

4,093

2,632

R-squared

0.071

0.107

0.075

0.111

F

36.34

57.65

47.62

46.59