| VARIABLES | (1) 充足性 | (2) 结构合理性 | (3) 成长性 |
| NCFO | 0.674*** |
|
|
| (2.91) |
|
| |
| NCFOPS | −0.373*** |
|
|
| (−4.79) |
|
| |
| MAIN |
| −0.839** |
|
|
| (−2.24) |
| |
| ELSE |
| −0.919** |
|
|
| (−2.38) |
| |
| GROWTH |
|
| −0.001** |
|
|
| (−2.10) | |
| SIZE | 0.341*** | 0.230*** | 0.297*** |
| (43.03) | (15.88) | (32.96) | |
| ListedY | 0.002 | −0.029*** | 0.002 |
| (1.00) | (−10.01) | (0.99) | |
| ROA | 1.835*** | 0.583*** | 0.168** |
| (10.59) | (4.46) | (2.45) | |
| ROM | 0.270*** | −0.077 | 0.490*** |
| (4.62) | (−0.97) | (8.11) | |
| GRTA | −0.203*** | −0.070*** | −0.000 |
| (−10.35) | (−5.04) | (−0.59) | |
| DTA | 0.025*** | 0.022*** | 0.011*** |
| (5.33) | (4.32) | (3.45) | |
| SUBS | 0.020*** | −0.016*** | 0.028*** |
| (3.79) | (−3.47) | (4.55) | |
| Constant | −1.499*** | 3.009*** | −0.617*** |
| (−9.32) | (6.39) | (−3.53) | |
| Observations | 14,607 | 14,607 | 11,297 |
| R-squared | 0.181 | 0.021 | 0.143 |
| F | 357.7 | 32.04 | 234.7 |