全样本回归结果

拐点左侧

拐点右侧

变量

C-SCORE

C-SCORE

C-SCORE

CFOTEN

0.0113^***

0.0067^**

−0.0065^**

(3.0427)

(2.1538)

(−2.4354)

CFOTEN_2

−0.0054^***

(−3.5796)

LEV

0.2509^***

0.2653^***

0.2447^***

(29.0492)

(16.5014)

(21.5383)

CENT

0.0216

0.0244

0.0346^**

(1.5945)

(1.0162)

(2.0556)

CASH

−0.0198^***

−0.0119

−0.0187^**

(−2.7707)

(−0.7942)

(−2.0217)

BSIZE

−0.0043^***

−0.0033^*

−0.0047^***

(−4.8992)

(−1.9410)

(−4.0884)

OUTR

−0.0413^**

−0.0212

−0.0473^*

(−2.0126)

(−0.5431)

(−1.8338)

_cons

−0.0367^**

−0.0620^**

−0.0185

(−2.4213)

(−2.2829)

(−0.9551)

N

22,850

7543

15,307

r2_a

0.9715

0.9669

0.9750