变量

1TA

t值

2TA

t值

3TA

t值

Gov

−0.0304**

−2.26

Central

−0.0706***

−3.90

−0.0748***

−4.08

Local

−0.0229*

−1.68

Province

−0.0484**

−2.46

City

−0.0133

−0.86

County

−0.0112

−0.27

Smeeting

−0.0034***

−3.77

−0.0033***

−3.63

−0.0033***

−3.65

Oc10

0.0950***

3.97

0.0950***

3.98

0.0923***

3.86

Size

−0.0145***

−3.57

−0.0140***

−3.46

−0.0142***

−3.51

LEV

−0.0369*

−1.95

−0.0362*

−1.91

−0.0360*

−1.90

ROA

0.2855***

6.28

0.2900***

6.39

0.2878***

6.34

CAPINT

−0.0852***

−4.00

−0.0826***

−3.88

−0.0847***

−3.98

INVENT

−0.1045***

−4.13

−0.1048***

−4.14

−0.1039***

−4.11

Growth

0.0103*

1.86

0.0103*

1.86

0.0103*

1.87

Constant

0.3458***

3.83

0.3385***

3.76

0.3462***

3.84

样本量

5046

5046

5046

R2

0.0544

0.0490

0.0481

F值

19.31***

18.52***

15.71***