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^***