变量名称

模型(1)

模型(2)

Z

Z

EI

−0.0582^***

(−1.030)

OPTION

0.0343^***

(0.380)

SIZE

−1.059^***

(−37.66)

−1.074^***

(−21.37)

CFO

−8.731^***

(−25.38)

−8.326^***

(−12.63)

MB

−0.0911^**

(−0.730)

−0.0635^**

(−0.300)

INCOME

−0.00254^***

(−0.800)

−0.122^***

(−1.640)

LEV

1.296^***

(9.980)

1.051^***

(5.100)

PORFIT

0

0

Constant

15.30

(26.92)

15.65

(15.11)

Observations

3170

890

R-squared

0.554

0.555

Adj R-squared

0.5532

0.5517

F值

560.73

157.09