PPE

−0.199***

(−23.240)

−0.227***

(−27.934)

−0.157***

(−18.080)

0.024***

(2.658)

−0.199***

(−23.166)

SOE

−0.032***

(−4.014)

−0.132***

(−17.767)

−0.007

(−0.866)

0.012

(1.374)

−0.031***

(−3.976)

IND

control

control

control

control

control

YEAR

control

control

control

control

control

Adj_R2

0.144

0.229

0.171

0.018

0.145

D-W

1.824

1.409

1.902

2.003

1.826

F值

108.399***

189.764***

126.806***

12.374***

104.279***

N(样本量)

14,000

14,000

14,000

14,000

14,000