Short-term Debt Ratio

Long-term Debt Ratio

Total Debt Ratio

(1)

(2)

(3)

(4)

(5)

(6)

Overseas Edu.

−0.0146^*

0.0115^*

−0.0130^*

(−1.74)

(1.84)

(−1.86)

Overseas Work

−0.0174^**

0.0173^**

−0.0149^**

(−2.36)

(2.28)

(−2.21)

Firm Size

0.0217^***

0.0217^***

0.0371^***

0.0371^***

0.0591^***

0.0592^***

(5.32)

(5.32)

(14.84)

(14.86)

(14.48)

(14.50)

Firm Age

0.0958^***

0.0960^***

−0.0305^*

−0.0307^*

0.0681^**

0.0681^**

(3.65)

(3.66)

(−1.92)

(−1.93)

(2.50)

(2.51)

ROA

0.2427^***

0.2423^***

0.1501^***

0.1506^***

0.4006^***

0.4006^***

(5.89)

(5.88)

(5.94)

(5.96)

(8.97)

(8.96)

Sales Growth

0.0402^***

0.0402^***

0.0034

0.0034

0.0444^***

0.0445^***

(12.26)

(12.24)

(1.62)

(1.64)

(13.41)

(13.39)

Tangible Ratio

−0.0853^***

−0.0853^***

−0.0874^***

−0.0875^***

−0.0026

−0.0026

(−5.63)

(−5.64)

(−9.40)

(−9.40)

(−0.17)

(−0.17)

Ln (Z-Score)

−0.0048^***

−0.0048^***

−0.0006^***

−0.0006^***

−0.0054^***

−0.0054^***

(−24.68)

(−24.71)

(−7.84)

(−7.82)

(−24.80)

(−24.81)

Book to Market

0.0061

0.0061

0.0268^***

0.0268^***

0.0218^***

0.0218^***

(0.81)

(0.82)

(5.52)

(5.53)

(2.67)

(2.68)

EPS

0.0118^**

0.0119^**

0.0046

0.0046

0.0069

0.0069

(2.39)

(2.40)

(1.48)

(1.49)

(1.40)

(1.40)

SOE

0.0179^***

0.0177^***

0.0017

0.0016

0.0163^***

0.0161^***

(7.34)

(7.27)

(1.23)

(1.18)

(6.58)

(6.53)

Constant

−0.0336

−0.0340

−0.1105^***

−0.1102^***

−0.1525^**

−0.1526^**

(−0.52)

(−0.52)

(−2.81)

(−2.80)

(−2.27)

(−2.27)

Observation

20238

20238

20238

20238

20238

20238

Pseudo-R²

0.178

0.178

0.187

0.187

0.302

0.302

Year Effect

YES

YES

YES

YES

YES

YES

Industry Effect

YES

YES

YES

YES

YES

YES