Analyst

State

代理成本

Visit

是否四大跟踪

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

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HSR

−0.394^***

(0.091)

−0.072

(0.068)

−0.058

(0.084)

−0.304^***

(0.071)

−0.216^**

(0.073)

−0.112

(0.082)

−0.055

(−0.43)

−0.233^***

(−3.81)

−0.436^***

(−3.19)

−0.055

(−0.06)

Dual

−0.176^**

(0.081)

0.112^*

(0.060)

−0.109^*

(0.060)

−0.095

(0.081)

0.001

(0.067)

−0.010

(0.070)

−0.088

(−0.83)

0.025

(0.45)

0.023

(0.19)

−1.971^**

(−2.08)

Cash

0.594

(0.362)

0.406

(0.248)

0.520^*

(0.292)

0.239

(0.281)

0.603^**

(0.288)

0.513

(0.294)

0.528

(1.03)

0.472^**

(2.08)

−0.721

(−1.58)

3.351

(1.16)

Shrcr1

−0.008^**

(0.003)

−0.009^***

(0.002)

−0.000

(0.002)

−0.018^***

(0.002)

−0.010^***

(0.002)

−0.005

(0.002)

−0.007^*

(−1.81)

−0.009^***

(−4.94)

−0.007^*

(−1.82)

−0.027

(−1.05)

Shrz

0.003

(0.003)

0.004^**

(0.001)

−0.004

(0.002)

0.005^**

(0.001)

0.005^**

(0.001)

0.002

(0.002)

0.005^*

(1.73)

0.003^**

(2.31)

−0.007^***

(−3.22)

−0.045^***

(−2.67)

Lev

−0.982^***

(0.196)

−1.113^***

(0.147)

−1.139^***

(0.168)

−1.421^***

(0.168)

−0.833^***

(0.174)

−0.833

(0.173)

−1.296^***

(−4.48)

−1.030^***

(−7.85)

−0.107

(−1.53)

13.107^***

(5.78)

ROA

0.920

(0.632)

1.583^***

(0.382)

0.737^*

(0.416)

1.147^**

(0.504)

2.668^***

(0.537)

1.197

(0.433)

1.085

(1.35)

1.304^***

(3.63)

0.023

(0.49)

8.597

(1.61)

Growth

−0.043

(0.027)

−0.042^*

(0.024)

−0.027

(0.024)

−0.034

(0.026)

−0.040^*

(0.022)

−0.044

(0.031)

−0.064

(−1.52)

−0.035^*

(−1.71)

−0.000

(−1.40)

−0.024

(−1.16)

_cons

4.788^***

(0.206)

3.960^***

(0.154)

3.907^***

(0.160)

5.378^***

(0.203)

4.078^***

(0.182)

4.143

(0.176)

4.370^***

(15.71)

4.288^***

(30.77)

0.472^*

(1.70)

−3.842

(−1.55)

固定效应

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观测值

3016

5044

3881

4181

4351

3707

1512

6543

12,438

499

Adjusted_R²

0.2081

0.2345

0.2304

0.2851

0.2592

0.2060

0.267

0.244

0.063

0.417