(1)

(2)

(3)

(4)

(5)

(6)

ROA

ROA

ROA

ROA

ROA

ROA

EID_Whether

0.0054^***

0.0057^***

0.0062^***

(4.6573)

(4.9325)

(5.4284)

EID_Quality

0.0124**

0.0149***

0.0161***

(2.4138)

(2.9562)

(3.1906)

Word

0.0102^***

0.0121^***

(3.5626)

(4.2637)

Readability

0.0008^***

0.0010^***

(2.6256)

(3.2341)

Similarity

−0.0059

−0.0059

(−1.1595)

(−1.1296)

EID_Whether* Word

0.0052***

(1.3768)

EID_Quality* Word

0.0151***

(1.4448)

EID_Whether*Readability

0.0004***

(0.8956)

EID_Quality*Readability

0.0019***

(1.4674)

EID_Whether*Similarity

−0.0015***

(−0.2192)

EID_Quality*Similarity

−0.0147***

(−0.7690)

Growth

0.0259^***

0.0259^***

0.0263^***

0.0255^***

0.0256^***

0.0261^***

(14.5043)

(14.5493)

(14.7709)

(14.3092)

(14.3756)

(14.6423)

Lev

−0.0958^***

−0.0955^***

−0.0945^***

−0.0957^***

−0.0953^***

−0.0940^***

(−25.8027)

(−25.6672)

(−25.5335)

(−25.7186)

(−25.5340)

(−25.3299)

Cashflow

0.3045^***

0.3036^***

0.3036^***

0.3075^***

0.3067^***

0.3075^***

(28.9592)

(28.8616)

(28.8435)

(29.2708)

(29.2045)

(29.2339)

Dual

−0.0012

−0.0013

−0.0012

−0.0014

−0.0015

−0.0014

(−0.7237)

(−0.7954)

(−0.7333)

(−0.8400)

(−0.9012)

(−0.8708)

Indep

−0.0199

−0.0193

−0.0179

−0.0175

−0.0159

−0.0147

(−1.5176)

(−1.4702)

(−1.3676)

(−1.3338)

(−1.2090)

(−1.1149)

Top1

0.0187^***

0.0192^***

0.0200^***

0.0194^***

0.0197^***

0.0206^***

(3.9259)

(4.0204)

(4.1968)

(4.0653)

(4.1090)

(4.2993)

SOE

−0.0060^***

−0.0061^***

−0.0063^***

−0.0050^***

−0.0052^***

−0.0053^***

(−3.7804)

(−3.8852)

(−4.0292)

(−3.2030)

(−3.3280)

(−3.3922)

_cons

−0.0209

0.0637^***

0.0722^***

−0.0397

0.0590^***

0.0709^***

(−0.7377)

(8.0461)

(9.7091)

(−1.4202)

(7.3587)

(9.2100)

年份效应

YES

YES

YES

YES

YES

YES

行业效应

YES

YES

YES

YES

YES

YES

N

0.4179

0.4170

0.4160

0.4160

0.4149

0.4134

r2_a

0.3047

0.3037

0.2900

0.3050

0.3020

0.2876