变量

(1)

Efficiency

(2)

Efficiency

(3)

Efficiency

GCL

5.8758^***

(0.5224)

9.5353^***

(0.1804)

10.7002^***

(0.1912)

IV

Scale

0.0816^***

(0.0040)

0.0615^***

(0.0031)

0.0574^***

(0.0029)

Lev

−0.1141^***

(0.0140)

−0.0919^***

(0.0114)

−0.0833^***

(0.0103)

Roa

−0.1157^***

(0.0187)

−0.0709^***

(0.0153)

−0.0788^***

(0.0156)

Tobinq

−0.0002

(0.0011)

0.00215^*

(0.0009)

0.0050^***

(0.0010)

Stock

0.0004^***

(0.0001)

0.0003^***

(0.0001)

0.0003^***

(0.0001)

Gdp

−0.0829^***

(0.0088)

−0.0107

(0.0073)

−0.0016

(0.0132)

Fdi

−1.6126^***

(0.1851)

−1.8087^***

(0.1265)

−1.7164^***

(0.1222)

Gov

0.0909

(0.0614)

0.1434^***

(0.0397)

0.1724^***

(0.0422)

常数项

−0.8952^***

(0.0920)

−0.7739^***

(0.0685)

−0.7074^***

(0.0609)

行业固定效应

Yes

Yes

Yes

个体固定效应

Yes

Yes

Yes

N

7811

6538

7000

R²

0.7112

0.7490

0.7755