变量

(1)

Efficiency

(2)

Efficiency

(3)

Efficiency

(4)

Efficiency

GCL

14.7603^***

(0.0985)

11.1667^***

(0.2064)

10.6005^***

(0.1999)

10.3355^***

(0.1815)

Scale

0.0605^***

(0.0035)

0.0529^***

(0.0034)

0.0578^***

(0.0028)

Lev

−0.0972^***

(0.0117)

−0.0862^***

(0.0106)

−0.0892^***

(0.0103)

Roa

−0.0972^***

(0.0149)

−0.0736^***

(0.0139)

−0.0791^***

(0.0145)

Tobin

0.0029^***

(0.0008)

0.0025^***

(0.0008)

0.0028^***

(0.0009)

Stock

0.0003^***

(0.0001)

0.0003^***

(0.0001)

0.0004^***

(0.0001)

Gdp

−0.0311^***

(0.0079)

−0.0297^***

(0.0078)

Fdi

−1.7600^***

(0.1264)

−1.8054^***

(0.1222)

Gov

0.2137^***

(0.0394)

0.2064^***

(0.0384)

常数项

0.3765^***

(0.0042)

−0.8403^***

(0.0749)

−0.6439^***

(0.0716)

−0.7025^***

(0.0612)

行业固定效应

No

No

No

Yes

个体固定效应

Yes

Yes

Yes

Yes

N

7811

7811

7811

7811

R²

0.6591

0.7415

0.7696

0.7780