(1)

(2)

(3)

(4)

VARIABLES

SA

SA

SA

SA

L.DIFI

−0.213**

(−2.50)

L.DCB

0.300**

(2.28)

L.DUD

−0.221***

(−4.75)

L.DSS

−0.033

(−1.27)

Cash

0.017**

0.017**

0.017**

0.017**

(2.30)

(2.28)

(2.32)

(2.29)

Growth

−0.001

−0.001

−0.001

−0.001

(−0.69)

(−0.69)

(−0.71)

(−0.69)

Lev

−0.065***

−0.065***

−0.064***

−0.065***

(−11.46)

(−11.46)

(−11.41)

(−11.47)

ROA

−0.062***

−0.062***

−0.062***

−0.062***

(−7.83)

(−7.85)

(−7.91)

(−7.82)

top 1

0.106***

0.105***

0.105***

0.106***

(6.63)

(6.56)

(6.59)

(6.61)

bm

−0.041***

−0.041***

−0.041***

−0.041***

(−10.00)

(−10.04)

(−10.04)

(−10.00)

opinion

−0.001

−0.001

−0.001

−0.001

(−0.33)

(−0.31)

(−0.31)

(−0.33)

board

−0.019***

−0.019***

−0.019***

−0.019***

(−4.39)

(−4.37)

(−4.43)

(−4.37)

balance3

0.003

0.002

0.002

0.003

(1.49)

(1.42)

(1.43)

(1.48)

Constant

−3.650***

−3.774***

−3.646***

−3.694***

(−144.25)

(−113.20)

(−208.42)

(−250.76)

个体固定

YES

YES

YES

YES

时间固定

YES

YES

YES

YES

Observations

8851

8851

8851

8851

R-squared

0.979

0.979

0.979

0.979