VARIABLES

模型1

模型2

模型3

EPS

EI

EPS

ER

0.024^***

0.111^***

0.021^***

(0.008)

(0.031)

(0.008)

EI

0.028^***

(0.003)

LEV

−0.711^***

1.454^***

−0.751^***

(0.040)

(0.166)

(0.041)

TOP

0.336^***

0.387^***

0.328^***

(0.024)

(0.100)

(0.024)

DY

−0.333^***

0.722^***

−0.356^***

(0.018)

(0.074)

(0.018)

CASH

2.332^***

1.549^***

2.309^***

(0.105)

(0.439)

(0.107)

SIZE

0.106^***

0.709^***

0.089^***

(0.007)

(0.029)

(0.007)

Constant

−1.598^***

3.780^**

−1.733^***

(0.372)

(1.522)

(0.372)

N

5709

5709

5709

R-squared

0.323

0.275

0.333

年份固定效应

YES

YES

YES

行业固定效应

YES

YES

YES