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 |