|
| 东部地区 | 中部地区 | 西部地区 | |||
| 变量 | (1) | (2) | (3) | (4) | (5) | (6) |
| ER | −0.915*** |
| −0.792*** |
| −0.847*** |
|
|
| (−12.39) |
| (−6.17) |
| (−6.17) |
|
| L. ER |
| 0.234*** |
| 0.222* |
| 0.337*** |
|
|
| (2.66) |
| (1.88) |
| (2.88) |
| Fanpm | 0.000 | 0.000 | 0.000*** | 0.000*** | −0.000*** | −0.000*** |
|
| (0.22) | (0.10) | (3.11) | (4.37) | (−4.35) | (−4.51) |
| ROIC | 0.000 | 0.000 | 0.000*** | 0.000*** | −0.000 | −0.000 |
|
| (0.01) | (0.11) | (3.55) | (2.78) | (−0.75) | (−0.77) |
| Fagr | −0.000*** | −0.000*** | −0.000*** | −0.000*** | −0.000 | −0.000 |
|
| (−2.77) | (−2.65) | (−3.40) | (−3.50) | (−0.05) | (−0.36) |
| Opgr | 0.000 | 0.000 | −0.000*** | −0.000*** | −0.000 | 0.000 |
|
| (1.02) | (0.60) | (−10.32) | (−11.19) | (−0.20) | (0.20) |
| Ci | 0.000* | 0.000* | −0.000 | −0.000 | 0.000*** | 0.000** |
|
| (1.80) | (1.93) | (−1.36) | (−1.10) | (2.74) | (2.23) |
| Gr | 0.000 | 0.000* | 0.000*** | 0.000*** | −0.004** | −0.004** |
|
| (0.41) | (1.76) | (2.83) | (7.27) | (−2.29) | (−2.07) |
| N | 6041 | 5577 | 2547 | 2351 | 2301 | 2124 |
| R2 | 0.085 | 0.072 | 0.096 | 0.089 | 0.078 | 0.071 |