| 解释变量 | (1) | (2) | (3) | (4) | (5) |
|
| −0.373** | −0.431*** | −0.580** | −1.217*** | −1.361** |
| (0.154) | (0.157) | (0.234) | (0.205) | (0.633) | |
| ratio | −0.0466*** | −0.0456*** | −0.0463*** | −0.0461*** | |
| (0.00307) | (0.00307) | (0.00302) | (0.00302) | ||
| growth | −0.587*** | −0.629*** | −0.123*** | −0.123*** | |
| (0.107) | (0.0106) | (0.0194) | (0.0192) | ||
| staff | −3.597*** | −3.225*** | −7.23*** | −7.15*** | |
| (0.178) | (0.111) | (0.216) | (0.216) | ||
| age | −0.0940*** | −0.104*** | −0.104*** | −0.108*** | |
| (0.00831) | (0.00838) | (0.00841) | (0.00845) | ||
| assets | 0.444*** | 0.433*** | 0.370*** | 0.365*** | |
| (0.0320) | (0.0317) | (0.0350) | (0.0350) | ||
| Constant | 2.590*** | −4.088*** | −1.556* | −2.040** | 2.577* |
| (0.254) | (0.712) | (0.806) | (0.909) | (1.377) | |
| 年份固定效应 | no | no | yes | no | yes |
| 地区固定效应 | no | no | no | yes | yes |
| Observations | 20,733 | 20,513 | 20,513 | 20,513 | 20,513 |
| R-squared | 0.000 | 0.039 | 0.11 | 0.321 | 0.337 |