(1)

(2)

(3)

(4)

(5)

(6)

ROE

ROE

ROE

ROE

ROE

ROE

EID_Whether

0.0107***

0.0109***

0.0120***

(4.2744)

(4.3941)

(4.9083)

EID_Quality

0.0257**

0.0312***

0.0334***

(2.3771)

(2.9285)

(3.1358)

Word

0.0177***

0.0210***

(2.8938)

(3.4786)

Readability

0.0018***

0.0021***

(2.6724)

(3.2404)

Similarity

−0.0193*

−0.0180

(−1.7055)

(−1.5835)

EID_Whether* Word

0.0100*

(1.2597)

EID_Quality* Word

0.0518**

(2.4045)

EID_Whether*Readability

0.0011*

(1.1151)

EID_Quality*Readability

0.0028*

(1.0429)

EID_Whether*Similarity

−0.0011*

(−0.0687)

EID_Quality*Similarity

−0.0769**

(−1.8294)

Growth

0.0576***

0.0576***

0.0585***

0.0569***

0.0570***

0.0581***

(14.9259)

(14.9341)

(15.2000)

(14.7638)

(14.7806)

(15.0824)

Lev

−0.1067***

−0.1066***

−0.1046***

−0.1070***

−0.1063***

−0.1036***

(−13.5747)

(−13.5525)

(−13.3719)

(−13.5894)

(−13.4878)

(−13.2221)

Cashflow

0.5362***

0.5343***

0.5337***

0.5408***

0.5410***

0.5417***

(24.0221)

(23.9516)

(23.9119)

(24.3006)

(24.3192)

(24.3311)

Dual

−0.0050

−0.0052

−0.0050

−0.0053

−0.0054

−0.0054

(−1.4377)

(−1.5081)

(−1.4455)

(−1.5147)

(−1.5443)

(−1.5424)

Indep

−0.0313

−0.0308

−0.0279

−0.0284

−0.0254

−0.0218

(−1.1368)

(−1.1191)

(−1.0120)

(−1.0296)

(−0.9186)

(−0.7881)

Top1

0.0441***

0.0445***

0.0462***

0.0456***

0.0451***

0.0465***

(4.3280)

(4.3731)

(4.5400)

(4.4670)

(4.4231)

(4.5651)

SOE

−0.0060*

−0.0063*

−0.0067**

−0.0044

−0.0046

−0.0048

(−1.8157)

(−1.8921)

(−2.0171)

(−1.3496)

(−1.3896)

(−1.4471)

_cons

−0.0762

0.0649***

0.0772***

−0.1095*

0.0552***

0.0760***

(−1.2609)

(3.8518)

(4.8267)

(−1.8364)

(3.2489)

(4.6143)

年份效应

YES

YES

YES

YES

YES

YES

行业效应

YES

YES

YES

YES

YES

YES

N

4725

4725

4725

4725

4725

4725

r2_a

0.2487

0.2485

0.2475

0.2478

0.2467

0.2459