负二项回归模型

泊松回归模型

(1)

(2)

(3)

(4)

VARIABLES

InvPat

UtyPat

InvPat

UtyPat

DID

0.076^*

0.077^**

0.115^***

0.074^***

(1.84)

(1.97)

(5.64)

(3.39)

Lev

0.476^***

0.416^***

0.185^***

0.654^***

(4.71)

(4.28)

(3.17)

(11.28)

TobinQ

−0.048^***

−0.087^***

−0.039^***

−0.033^***

(−3.07)

(−5.41)

(−5.10)

(−3.88)

ATO

−0.049

0.170^***

0.120^***

0.083^***

(−1.01)

(3.55)

(4.64)

(2.82)

Growth

0.119^***

0.120^***

0.007

0.015

(3.35)

(3.51)

(0.45)

(0.88)

Cashflow

−0.063

−0.250

−0.035

−0.376^***

(−0.30)

(−1.21)

(−0.38)

(−3.63)

Mfee

−0.222

0.499

0.270

0.403^*

(−0.62)

(1.41)

(1.51)

(1.96)

Indep

−0.061

−0.169

−0.749^***

0.793^***

(−0.21)

(−0.59)

(−6.18)

(6.21)

Top1

0.329^*

0.606^***

1.285^***

1.373^***

(1.84)

(3.48)

(11.14)

(11.98)

Balance

0.097^**

0.120^***

0.470^***

0.493^***

(2.31)

(2.94)

(23.74)

(23.14)

Mhold

−0.445^***

−0.214^*

−0.926^***

−0.858^***

(−3.39)

(−1.74)

(−9.54)

(−9.49)

Dual

0.028

−0.028

0.170^***

−0.011

(0.76)

(−0.79)

(10.22)

(−0.60)

SOE

0.385^***

0.227^***

−0.037

0.016

(7.39)

(4.52)

(−1.10)

(0.43)

Age

−0.253^***

−0.226^***

−0.862^***

−1.214^***

(−3.26)

(−2.95)

(−13.35)

(−18.01)

Constant

−2.486^***

−2.476^***

(−7.30)

(−7.86)

Year/Firm

YES

YES

YES

YES

Wald Chi²

3378.72

4064.77

25238.12

18748.28

N

16,360

16,988

16,135

16,726