(1)

(2)

(3)

(4)

(5)

(6)

Tobinq

Tobinq

Tobinq

Tobinq

Tobinq

Tobinq

Economy_Gigitalization

0.293^***

(0.068)

L.Economy_Gigitalization

0.266^***

(0.062)

L2.Economy_Gigitalization

0.389^***

(0.068)

L3.Economy_Gigitalization

0.388^***

(0.074)

L4.Economy_Gigitalization

0.384^***

(0.082)

L5.Economy_Gigitalization

0.266^***

(0.089)

Size

−0.293^***

−0.291^***

−0.294^***

−0.289^***

−0.261^***

−0.205^***

(0.012)

(0.011)

(0.012)

(0.013)

(0.015)

(0.016)

Lev

−1.232^***

−1.286^***

−1.264^***

−1.233^***

−1.269^***

−1.279^***

(0.081)

(0.073)

(0.079)

(0.087)

(0.095)

(0.105)

Cashflow

2.761^***

2.646^***

2.771^***

2.899^***

3.146^***

3.249^***

(0.209)

(0.186)

(0.203)

(0.224)

(0.248)

(0.272)

Growth

0.198^***

0.218^***

0.240^***

0.295^***

0.291^***

0.366^***

(0.032)

(0.035)

(0.039)

(0.043)

(0.048)

(0.055)

SOE

−0.117^***

−0.117^***

−0.132^***

−0.127^***

−0.142^***

−0.136^***

(0.024)

(0.025)

(0.027)

(0.029)

(0.032)

(0.035)

Top1

−0.024

0.061

0.090

0.119

0.116

0.105

(0.071)

(0.078)

(0.086)

(0.095)

(0.105)

(0.116)

_cons

9.098^***

9.063^***

9.108^***

8.949^***

8.286^***

6.897^***

(0.257)

(0.238)

(0.260)

(0.284)

(0.312)

(0.337)

N

8355.000

7331.000

6323.000

5389.000

4478.000

3602.000

R²

0.276

0.276

0.276

0.267

0.255

0.227

调整R²

0.275

0.276

0.275

0.266

0.253

0.226