(1)

(2)

(3)

InRa

0.422^***

(9.79)

0.123^*

(1.74)

0.413^***

(9.45)

Hefin

0.056^**

(2.19)

InRa * Herfin

1.194^***

(4.85)

Analyst

0.002

(0.75)

InRa * Analyst

−0.100^*

(−1.93)

Ten

−0.008^*

(−1.72)

−0.009^*

(−1.80)

−0.008^*

(−1.75)

Growth

0.003^***

(7.34)

0.003^***

(7.22)

0.003^***

(7.39)

Lev

0.040^**

(2.38)

0.039^**

(2.34)

0.039^**

(2.37)

Roa

0.148^***

(3.47)

0.140^***

(3.31)

0.136^***

(3.08)

Size

−0.006^**

(−2.39)

−0.006^**

(−2.43)

−0.007^**

(−2.51)

Loss

0.017

(1.43)

0.017

(1.49)

0.016

(1.36)

Instit

0.014

(1.22)

0.006

(0.46)

0.014

(1.19)

_cons

0.176^***

(2.93)

0.181^***

(3.03)

0.187^***

(3.03)

Ind/Year

控制

控制

控制

N

1602

1602

1602

R2_a

0.176

0.192

0.178

F

12.816

13.244

12.149