(1)

EI

QFIIR

0.234^** (2.498)

CFO

1.383 (1.117)

ROA

−2.881 (−1.429)

Inv

2.972^** (2.141)

Growth

−0.174 (−1.415)

Idd

−1.771 (−1.378)

Lev

1.154^**

_cons

−2.043 (−1.162)

(2.154)

TobinQ

−0.127^*

Year&Industry

控制

(−1.757)

F

141.778

Size

0.762^*** (9.769)

Adj_R²

0.761

N

1169