解释变量

(1)

(2)

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

−2.775***

−0.818***

(0.362)

(0.130)

ratio

−0.0471***

−0.00810***

(0.00304)

(0.00114)

growth

−0.616***

−0.0556***

(0.0113)

(0.0142)

staff

−0.0622***

0.282**

(0.00190)

(0.0961)

age

−0.0937***

−0.119***

(0.00832)

(0.00339)

assets

0.390***

−0.283***

(0.0339)

(0.0144)

ucpi

−0.218**

−0.497***

(0.0932)

(0.0347)

uel

−0.565***

−0.438***

(0.0735)

(0.0282)

ussl

0.000335**

−0.000215***

(0.000166)

(6.33e−05)

upGDP

−1.816***

0.837***

(0.200)

(0.0750)

uewl

5.245***

−2.885***

(0.330)

(0.121)

Constant

−12.16

81.34***

(9.501)

(3.689)

Observations

20,463

20,463

R-squared

0.416

0.342