变量

(1)

Efficiency

(2)

Dev

(3)

Efficiency

GCL

10.3355^***

(0.1815)

−0.6689^***

(0.1514)

10.3135^***

(0.1827)

Dev

−0.0329^**

(0.0130)

Scale

0.0578^***

(0.0028)

0.0010(0.0019)

0.0579^***

(0.0028)

Lev

−0.0892^***

(0.0103)

−0.0183^*

(0.0097)

−0.0898^***

(0.0103)

Roa

−0.0791^***

(0.0145)

−0.0347^*

(0.0195)

−0.0802^***

(0.0144)

Tobin

0.0028^***

(0.0009)

0.0018^**

(0.0008)

0.0029^***

(0.0009)

Stock

0.0004^***

(0.0001)

−0.0003^***

(0.0001)

0.0003^***

(0.0001)

Gdp

−0.0297^***

(0.0078)

−0.0001

(0.0064)

−0.0297^***

(0.0078)

Fdi

−1.8054^***

(0.1222)

0.2267^***

(0.0829)

−1.7979^***

(0.1219)

Gov

0.2064^***

(0.0384)

−0.0156

(0.0240)

0.2059^***

(0.0384)

常数项

−0.7025^***

(0.0612)

−0.0707^*

(0.0411)

−0.7002^***

(0.0613)

行业固定效应

Yes

Yes

Yes

个体固定效应

Yes

Yes

Yes

N

7811

7811

7811

R²

0.7780

0.3481

0.7783