VARIABLES

(1) 充足性

(2) 结构合理性

NCFO

0.051***

(4.10)

NCFOPS

−0.524***

(−6.82)

MAIN

−0.262***

(−7.79)

ELSE

−0.318***

(−3.57)

SIZE

0.246***

0.306***

(17.14)

(44.14)

ListedY

0.005***

0.004***

(3.07)

(2.66)

ROA

1.573***

1.646***

(8.59)

(11.38)

ROM

0.250***

0.293***

(4.18)

(5.60)

GRTA

−0.169***

−0.163***

(−8.92)

(−9.92)

DTA

0.024***

0.023***

(5.04)

(5.80)

SUBS

0.020***

0.011**

(3.54)

(2.27)

Constant

−0.314*

−0.346**

(−1.93)

(−2.38)

Observations

13,707

17,474

R-squared

0.152

0.170

F

273.3

396.2