VARIABLES

(1)

(2)

(3)

ROE

EPS

EPS

ER

0.001^**

0.039^***

(0.000)

(0.010)

L.ER

0.017^*

(0.009)

EI

0.001^***

0.030^***

0.029^***

(0.000)

(0.004)

(0.005)

LEV

−0.021^***

−0.815^***

−0.747^***

(0.003)

(0.047)

(0.059)

TOP

0.016^***

0.233^***

0.370^***

(0.002)

(0.028)

(0.035)

DY

−0.018^***

−0.328^***

−0.380^***

(0.001)

(0.020)

(0.024)

CASH

0.124^***

2.299^***

2.604^***

(0.007)

(0.125)

(0.150)

SIZE

0.001

0.108^***

0.086^***

(0.000)

(0.009)

(0.010)

Constant

−0.027

−1.642^***

−2.841^***

(0.024)

(0.503)

(0.372)

N

5709

4220

3375

R-squared

0.373

0.338

0.340

年份固定效应

YES

YES

YES

行业固定效应

YES

YES

YES