SA

SA

SA

SA

经济发达地区

FT

−0.1032***

(−5.29)

FT_bre

−0.0857***

(−5.00)

FT_dep

−0.0733***

(−5.36)

FT_lev

−0.0158

(−1.20)

(3.78)

(3.50)

(4.29)

(5.99)

_cons

2.6372***

2.5857***

2.5680***

2.3981***

(38.67)

(40.74)

(42.92)

(40.63)

Control

YES

YES

YES

YES

Industry

YES

YES

YES

YES

Year

YES

YES

YES

YES

N

10,965

10,965

10,965

10,965

Adjusted R2

0.3933

0.3932

0.3923

0.3867

欠发达地区

FT

−0.1099***

(−6.74)

FT_bre

−0.1089***

(−6.56)

FT_dep

−0.0696***

(−6.47)

FT_lev

−0.1059***

(−6.47)

_cons

2.6696***

2.6413***

2.5545***

2.7260***

(36.23)

(36.88)

(40.23)

(34.08)

Control

YES

YES

YES

YES

Industry

YES

YES

YES

YES

Year

YES

YES

YES

YES

N

11,134

11,134

11,134

11,134

Adjusted R2

0.3799

0.3791

0.3791

0.3736