|
| (1) | (2) | (3) | (4) |
| Tobinq | Tobinq | Tobinq | Tobinq | |
| lnDigital | 0.084*** |
|
|
|
|
| (0.011) |
|
|
|
| L.lnDigital |
| 0.082*** |
|
|
|
|
| (0.012) |
|
|
| L2.lnDigital |
|
| 0.073*** |
|
|
|
|
| (0.013) |
|
| L3.lnDigital |
|
|
| 0.076*** |
|
|
|
|
| (0.015) |
| Size | −0.311*** | −0.303*** | −0.294*** | −0.268*** |
|
| (0.014) | (0.015) | (0.017) | (0.020) |
| Lev | −1.218*** | −1.244*** | −1.332*** | −1.399*** |
|
| (0.096) | (0.104) | (0.118) | (0.134) |
| Cashflow | 3.257*** | 3.434*** | 3.736*** | 4.213*** |
|
| (0.238) | (0.258) | (0.295) | (0.342) |
| Growth | 0.252*** | 0.256*** | 0.340*** | 0.532*** |
|
| (0.043) | (0.048) | (0.057) | (0.067) |
| SOE | −0.042 | −0.019 | −0.024 | −0.007 |
|
| (0.031) | (0.033) | (0.037) | (0.043) |
| Top1 | 0.084 | 0.168 | 0.178 | 0.139 |
|
| (0.098) | (0.106) | (0.119) | (0.137) |
| _cons | 9.328*** | 9.098*** | 8.933*** | 8.305*** |
|
| (0.304) | (0.330) | (0.371) | (0.427) |
| N | 5149.000 | 4340.000 | 3599.000 | 2911.000 |
| R2 | 0.274 | 0.277 | 0.273 | 0.265 |
| 调整R2 | 0.273 | 0.276 | 0.271 | 0.263 |