VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

EPS

EPS

EPS

EPS

EPS

EPS

ER

0.027^***

0.019^**

0.023^***

0.020^**

0.017^**

0.024^***

(0.009)

(0.009)

(0.008)

(0.008)

(0.008)

(0.008)

LEV

−0.747^***

−0.624^***

−0.551^***

−0.425^***

−0.711^***

(0.038)

(0.038)

(0.037)

(0.036)

(0.040)

TOP

0.415^***

0.370^***

0.352^***

0.336^***

(0.027)

(0.026)

(0.024)

(0.024)

DY

−0.393^***

−0.356^***

−0.333^***

(0.019)

(0.018)

(0.018)

CASH

2.641^***

2.332^***

(0.105)

(0.105)

SIZE

0.106^***

(0.007)

Constant

−0.076

0.387

−1.345^***

−0.906^**

−0.754^**

−1.598^***

(0.413)

(0.401)

(0.408)

(0.394)

(0.374)

(0.372)

N

5709

5709

5709

5709

5709

5709

R-squared

0.070

0.127

0.162

0.220

0.296

0.323

年份固定效应

YES

YES

YES

YES

YES

YES

行业固定效应

YES

YES

YES

YES

YES

YES