全样本

成熟期

成长期

RD

0.879^***

(0.231)

3.726^***

(0.286)

0.673^***

(0.231)

Power

−0.578

(0.439)

−0.716

(0.461)

−0.113

(0.978)

CR

−0.085

(0.071)

0.022

(0.085)

−0.213^*

(0.119)

ROE

2.115^**

(0.828)

4.405^***

(1.293)

1.618^**

(0.798)

Debt

−0.453

(0.380)

0.137

(0.427)

−0.418

(0.560)

TAT

1.186^***

(0.405)

0.892^***

(0.276)

1.316^*

(0.757)

ln_asset

0.258^***

(0.084)

0.167^**

(0.066)

0.333^**

(0.166)

ln_Pay3

−0.114

(0.251)

−0.353

(0.220)

−0.106

(0.480)

ln_Board

0.358

(0.373)

−0.059

(0.281)

1.109

(0.789)

Ind_ratio

−1.105

(0.934)

−0.390

(0.974)

−1.510

(2.167)

exe_tot1

1.256

(2.627)

2.737

(2.091)

0.033

(5.242)

ln_MHshares

0.000

(0.027)

−0.001

(0.020)

0.011

(0.049)

_cons

−4.800

(3.630)

1.021

(3.723)

−8.018

(7.802)

N

570.000

296.000

274.000

Year

Yes

Yes

Yes

industry

Yes

Yes

Yes