|
| (1) | (2) | (3) | (4) |
|
| ROA | ROA | ROA | ROA |
| EID_Whether | 0.0058*** | 0.0062*** |
|
|
|
| (4.2369) | (5.4211) |
|
|
| EID_Quality |
|
| 0.0149** | 0.0161*** |
|
|
|
| (2.4431) | (3.1921) |
| Growth |
| 0.0262*** |
| 0.0260*** |
|
|
| (14.7462) |
| (14.6080) |
| Lev |
| −0.0943*** |
| −0.0938*** |
|
|
| (−25.5089) |
| (−25.3150) |
| Cashflow |
| 0.3040*** |
| 0.3077*** |
|
|
| (28.8938) |
| (29.2820) |
| Dual |
| −0.0012 |
| −0.0014 |
|
|
| (−0.7538) |
| (−0.8757) |
| Indep |
| −0.0179 |
| −0.0151 |
|
|
| (−1.3688) |
| (−1.1493) |
| Top1 |
| 0.0200*** |
| 0.0207*** |
|
|
| (4.1920) |
| (4.3238) |
| SOE |
| −0.0064*** |
| −0.0053*** |
|
|
| (−4.0558) |
| (−3.4307) |
| _cons | 0.0570*** | 0.0777*** | 0.0575*** | 0.0764*** |
|
| (19.2034) | (13.6844) | (17.1708) | (12.9493) |
| 年份效应 | YES | YES | YES | YES |
| 行业效应 | YES | YES | YES | YES |
| N | 4200 | 4200 | 4200 | 4200 |
| r2_a | 0.1084 | 0.4161 | 0.1058 | 0.4134 |