Unmatched/

Matched

Mean

%bias

%reduct|bias|

T检验

Treated

Control

t

p>|t|

Lev

U

0.418

0.421

−1.7

−1.17

0.244

M

0.418

0.421

−1.4

15.7

−1.15

0.249

TobinQ

U

2.019

1.964

4.6

3.18

0.001

M

2.018

2.006

1.0

77.3

0.83

0.405

ATO

U

0.681

0.673

2.0

1.37

0.172

M

0.682

0.683

−0.3

87.1

−0.20

0.839

Growth

U

0.164

0.153

3.6

2.47

0.013

M

0.164

0.162

0.5

86.5

0.39

0.699

Cashflow

U

0.052

0.055

−4.8

−3.36

0.001

M

0.052

0.052

0.7

86.5

0.53

0.597

Mfee

U

0.086

0.081

9.8

6.72

0.000

M

0.086

0.086

0.9

91.1

0.68

0.494

Indep

U

0.373

0.368

9.2

6.37

0.000

M

0.373

0.372

0.8

91.0

0.67

0.506

Top1

U

0.358

0.347

3.5

2.42

0.015

M

0.352

0.352

0.1

97.7

0.06

0.948

Balance

U

0.713

0.673

6.7

4.60

0.000

M

0.712

0.718

−1.1

83.9

−0.85

0.397

Mhold

U

0.136

0.115

10.5

7.22

0.000

M

0.135

0.133

1.3

87.8

1.00

0.315

Dual

U

0.276

0.236

9.2

6.35

0.000

M

0.275

0.270

1.2

87.3

0.93

0.352

SOE

U

0.372

0.377

−1.0

−0.67

0.505

M

0.373

0.381

−1.7

−81.1

−1.41

0.157

Age

U

2.769

2.769

−0.1

−0.06

0.955

M

2.769

2.772

−0.8

−858.6

−0.64

0.521