(1)

(2)

(3)

(4)

(5)

(6)

GW

GWAR

GW

GWAR

GW

GWAR

ICQ

−0.0000123^**

−0.0000139^**

−0.0000101

−0.0000120^*

(−2.20)

(−2.51)

(−1.43)

(−1.72)

AN

−0.000358^***

−0.000419^***

−0.000239

−0.000341

(−4.38)

(−5.16)

(−0.66)

(−0.95)

ICQAN

−0.000000162

−0.000000101

(−0.32)

(−0.20)

Size

0.0519^***

0.0446^***

0.0536^***

0.0466^***

0.0539^***

0.0470^***

(29.59)

(25.60)

(29.66)

(25.97)

(29.69)

(26.05)

Lev

−0.0428^***

−0.0484^***

−0.0417^***

−0.0472^***

−0.0424^***

−0.0479^***

(−6.60)

(−7.52)

(−6.45)

(−7.35)

(−6.54)

(−7.46)

ROA

0.111^***

0.147^***

0.116^***

0.154^***

0.123^***

0.162^***

(8.36)

(11.16)

(8.87)

(11.80)

(9.05)

(11.96)

Cash

−0.00217

0.00151

−0.00238

0.00128

−0.00200

0.00164

(−0.22)

(0.16)

(−0.25)

(0.13)

(−0.21)

(0.17)

Indep

−0.00673

−0.00818

−0.00793

−0.00955

−0.00713

−0.00862

(−0.42)

(−0.52)

(−0.50)

(−0.60)

(−0.45)

(−0.55)

Dual

0.000577

−0.00381^**

0.000500

−0.00389^**

0.000526

−0.00386^**

(0.30)

(−2.01)

(0.26)

(−2.06)

(0.28)

(−2.05)

SOE

−0.0168^***

−0.0152^***

−0.0174^***

−0.0160^***

−0.0174^***

−0.0159^***

(−3.86)

(−3.52)

(−4.00)

(−3.69)

(−3.99)

(−3.68)

ListAge

0.0242^***

0.0168^***

0.0234^***

0.0158^***

0.0237^***

0.0162^***

(7.21)

(5.03)

(6.99)

(4.76)

(7.07)

(4.86)

Top1

−0.0694^***

−0.0532^***

−0.0712^***

−0.0554^***

−0.0718^***

−0.0561^***

(−5.38)

(−4.16)

(−5.52)

(−4.33)

(−5.57)

(−4.38)

Big4

0.00607

0.00581

0.00643

0.00622

0.00626

0.00604

(1.23)

(1.19)

(1.31)

(1.27)

(1.27)

(1.24)

Growth

0.0127^***

0.00137

0.0124^***

0.000997

0.0126^***

0.00123

(10.85)

(1.18)

(10.62)

(0.86)

(10.76)

(1.06)

BM

−0.00379^***

−0.00181^**

−0.00462^***

−0.00277^***

−0.00467^***

−0.00283^***

(−4.12)

(−1.98)

(−4.90)

(−2.97)

(−4.95)

(−3.02)

Balance

0.00549^**

0.00628^***

0.00513^**

0.00585^**

0.00504^**

0.00576^**

(2.32)

(2.68)

(2.17)

(2.49)

(2.13)

(2.45)

Dturn

−0.00160

0.0000166

−0.00139

0.000266

−0.00138

0.000281

(−1.08)

(0.01)

(−0.93)

(0.18)

(−0.93)

(0.19)

INST

−0.00344

0.00263

−0.00117

0.00529

−0.00103

0.00543

(−0.90)

(0.69)

(−0.30)

(1.38)

(−0.27)

(1.42)

Mshare

−0.0434^***

−0.0621^***

−0.0422^***

−0.0607^***

−0.0423^***

−0.0608^***

(−5.38)

(−7.76)

(−5.24)

(−7.59)

(−5.25)

(−7.60)

常数项

−1.056^***

−0.903^***

−1.099^***

−0.952^***

−1.098^***

−0.951^***

(−28.59)

(−24.60)

(−28.79)

(−25.13)

(−28.77)

(−25.10)

个体和时间

控制

控制

控制

控制

控制

控制

N

10,832

10,832

10,832

10,832

10,832

10,832