(1)

(2)

(3)

(4)

ROE

ROE

ROE

ROE

EID_Whether

0.0121***

0.0105***

(4.7465)

(4.4625)

EID_Quality

0.0313***

0.0239**

(2.7285)

(2.3043)

Growth

0.0507***

0.0503***

(13.8644)

(13.7447)

Lev

−0.0770***

−0.0760***

(−10.1322)

(−9.9832)

Cashflow

0.5455***

0.5524***

(25.2215)

(25.5802)

Dual

−0.0021

−0.0025

(−0.6180)

(−0.7382)

Indep

−0.0222

−0.0181

(−0.8249)

(−0.6675)

Top1

0.0402***

0.0416***

(4.1051)

(4.2409)

SOE

−0.0128***

−0.0109***

(−3.9543)

(−3.4204)

_cons

0.0897***

0.0886***

0.0907***

0.0875***

(16.0501)

(7.5909)

(14.3918)

(7.2197)

年份效应

YES

YES

YES

YES

行业效应

YES

YES

YES

YES

N

4200

4200

4200

4200

r2_a

0.0650

0.2691

0.0616

0.2665