(1)

(2)

RD

RD

SUBR

0.4620***

0.4500***

(23.41)

(23.52)

Size

0.0026***

(4.22)

Lev

−0.0352***

(−9.83)

ROA

−0.0987***

(−11.07)

board

0.0008

(0.24)

indep

0.0460***

(4.32)

bm

−0.0055***

(−7.41)

listage

−0.0091***

(−8.54)

growth

−0.0034*

(−2.31)

cons

0.0002

−0.0374*

(0.05)

(−2.55)

N

6510

6510

R2

0.2690

0.3177

年份固定效应

YES

YES

行业固定效应

YES

YES