0.0410***
0.0411***
(3.46)
(3.47)
SOE
0.0201***
0.0199***
(2.61)
(2.59)
Constant
0.4425***
0.4423***
−0.4660***
−0.4659***
(17.33)
(17.33)
(−10.33)
(−10.32)
Observation
20238
20238
20238
20238
Pseudo-R2
0.142
0.141
0.517
0.517
Year Effect
YES
YES
YES
YES
Industry Effect
YES
YES
YES
YES
Panel B. 长期负债率为被解释变量
Dep. LD_Dummy
(1)
(2)
(3)
(4)
Overseas Edu.
0.0595***
0.0438***
(3.92)
(2.45)
Overseas Work
0.0632***
0.0577***
(4.04)
(3.39)
Firm Size
0.1098***
0.1099***
(31.15)
(31.18)
Firm Age
0.0162
0.0161
(1.48)
(1.48)
ROA
0.8996***
0.8995***
(9.02)
(9.02)
Sales Growth
0.0758***
0.0760***
(6.56)
(6.57)
Tangible Ratio
−0.6188***
−0.6186***
(−34.17)
(−34.17)
Ln (Z-Score)
−0.0039***
−0.0039***
(−16.05)
(−16.01)
Book to Market
0.1467***
0.1466***
(7.45)
(7.45)
EPS
0.0014
0.0014
(0.12)
(0.13)
SOE
0.0036
0.0034
(0.48)
(0.44)
Constant
0.3966***
0.3966***
−0.4161***
−0.4165***
(15.96)
(15.95)
(−9.52)
(−9.53)
Observation
20238
20238
20238
20238
Pseudo-R2
0.125
0.125
0.439
0.439
Year Effect
YES
YES
YES
YES
Industry Effect
YES
YES
YES
YES
Panel C. 总负债率为被解释变量
Dep. TD_Dummy
(1)
(2)
(3)
(4)
Overseas Edu.
−0.0399*
−0.0179**
(−1.69)
(−2.11)
Overseas Work
−0.0783***
−0.0520***
(−3.95)
(−2.68)
Firm Size
0.1174***
0.1177***
(34.34)
(34.44)
Firm Age
0.0658***
0.0659***
(5.99)
(6.00)
ROA
2.5173***
2.5191***
(24.18)
(24.21)
Sales Growth
0.1509***
0.1516***
(13.39)
(13.47)
Tangible Ratio
−0.1293***
−0.1298***
(−7.41)
(−7.45)
Ln (Z-Score)
−0.0126***
−0.0125***
(−35.88)
(−35.85)
Book to Market
0.1157***
0.1150***
(5.66)
(5.63)
EPS
0.0547***
0.0544***
(4.78)
(4.76)
SOE
0.0209***
0.0197***
(2.88)
(2.71)
Constant
0.5174***
0.5169***
−0.6756***
−0.6771***
(20.21)
(20.18)
(−16.08)
(−16.11)
| Panel A. 短期债务率为被解释变量 | |||||||
| Dep. SD_Dummy | (1) | (2) | (3) | (4) | |||
| Overseas Edu. | −0.0770*** |
| −0.0546*** |
| |||
|
| (−4.45) |
| (−5.22) |
| |||
| Overseas Work |
| −0.0856*** |
| −0.0606*** | |||
|
|
| (−4.66) |
| (−4.63) | |||
| Firm Size |
|
| 0.0765*** | 0.0766*** | |||
|
|
|
| (20.76) | (20.78) | |||
| Firm Age |
|
| 0.0927*** | 0.0924*** | |||
|
|
|
| (7.96) | (7.94) | |||
| ROA |
|
| 2.1285*** | 2.1313*** | |||
|
|
|
| (19.92) | (19.95) | |||
| Sales Growth |
|
| 0.1170*** | 0.1172*** | |||
|
|
|
| (9.79) | (9.80) | |||
| Tangible Ratio |
|
| −0.4581*** | −0.4580*** | |||
|
|
|
| (−24.93) | (−24.92) | |||
| Ln (Z-Score) |
|
| −0.0151*** | −0.0151*** | |||
|
|
|
| (−41.18) | (−41.23) | |||
| Book to Market |
|
| 0.0043 | 0.0041 | |||
|
|
|
| (0.20) | (0.19) | |||
| EPS |
|
| Observation | 20238 | 20238 | 20238 | 20238 |
| Pseudo-R2 | 0.136 | 0.137 | 0.541 | 0.541 | |||
| Year Effect | YES | YES | YES | YES | |||
| Industry Effect | YES | YES | YES | YES | |||