总资产周转率

融资约束

低

(1)

高

(2)

低

(3)

高

(4)

TIME×RAD_100

0.0567***

0.0095

0.0179

0.0470**

(2.6092)

(0.5390)

(0.8741)

(2.4752)

TIME×RAD_150

0.0496**

0.0054

0.0163

0.0349*

(2.4334)

(0.3258)

(0.8690)

(1.9017)

TIME×RAD_200

0.0385*

0.0180

0.0201

0.0341*

(1.9210)

(1.1175)

(1.1136)

(1.8447)

TIME×RAD_250

0.0361*

0.0102

0.0116

0.0331*

(1.7935)

(0.6423)

(0.6496)

(1.7734)

TIME×RAD_300

0.0356*

0.0142

0.0062

0.0424**

(1.7808)

(0.9100)

(0.3534)

(2.2563)

TIME×RAD_350

0.0348*

0.0212

0.0069

0.0478**

(1.7381)

(1.3426)

(0.3987)

(2.5194)

TIME×RAD_400

0.0285

0.0036

−0.0135

0.0447**

(1.4015)

(0.2249)

(−0.7831)

(2.3042)

Controls

是

是

是

是

Year & Firm FE

是

是

是

是

Observations

5298

5298

5298

5298