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