解释变量

(1)

(2)

(3)

(4)

(5)

${\text{Standard}}_{ij}{}_{\left(t-1\right)}$

−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