VARIABLES

(1) 充足性

(2) 结构合理性

(3) 成长性

NCFO

0.598***

(3.11)

NCFOPS

−0.314***

(−4.85)

MAIN

−0.846**

(−2.34)

ELSE

−0.874**

(−2.35)

GROWTH

−0.004

(−1.58)

SIZE

0.313***

0.181***

0.286***

(45.26)

(14.16)

(35.30)

ListedY

0.004***

0.001

0.005***

(2.73)

(0.34)

(3.15)

ROA

1.567***

0.566***

1.466***

(10.38)

(4.56)

(8.49)

ROM

0.320***

−0.124*

0.305***

(6.17)

(−1.67)

(5.12)

GRTA

−0.168***

−0.082***

−0.135***

(−10.14)

(−6.49)

(−6.57)

DTA

0.022***

0.020***

0.027***

(5.52)

(4.40)

(5.91)

SUBS

0.012**

0.005

0.022***

(2.56)

(1.10)

(3.96)

Constant

−0.779***

3.325***

−0.360**

(−5.64)

(7.57)

(−2.26)

Observations

17,473

17,474

13,624

R-squared

0.168

0.028

0.145

F

391.1

51.52

289.8