变量

(1)

(2)

(3)

(4)

AbsINV

AbsINV

UnderINV

OverINV

did

−0.00503**

−0.00503**

0.126***

−0.126***

(0.00202)

(0.00202)

(0.0155)

(0.0155)

Size

−0.00395***

−0.00395***

0.00323

−0.00323

(0.00123)

(0.00123)

(0.00666)

(0.00666)

Lev

−0.00952***

−0.00952***

−0.00369

0.00369

(0.00367)

(0.00367)

(0.0243)

(0.0243)

ROA

0.0241**

0.0241**

−0.341***

0.341***

(0.00993)

(0.00993)

(0.0546)

(0.0546)

Cashflow

0.00244

0.00244

−0.140***

0.140***

(0.00504)

(0.00504)

(0.0412)

(0.0412)

TobinQ

0.000166

0.000166

−0.00215**

0.00215**

(0.000141)

(0.000141)

(0.000983)

(0.000983)

FirmAge

−0.00797**

−0.00797**

0.224***

−0.224***

(0.00377)

(0.00377)

(0.0310)

(0.0310)

Board

−0.00578*

−0.00578*

−0.00237

0.00237

(0.00296)

(0.00296)

(0.0232)

(0.0232)

Indep

0.00772

0.00772

−0.0490

0.0490

(0.00937)

(0.00937)

(0.0741)

(0.0741)

Dual

0.00235

0.00235

−0.0202*

0.0202*

(0.00143)

(0.00143)

(0.0110)

(0.0110)

Top1

0.0172***

0.0172***

−0.112**

0.112**

(0.00628)

(0.00628)

(0.0443)

(0.0443)

Mshare

0.00611

0.00611

−0.104**

0.104**

(0.00641)

(0.00641)

(0.0516)

(0.0516)

Growth

−2.54e−07***

−2.54e−07***

2.92e−06***

−2.92e−06***

(2.49e−08)

(2.49e−08)

(3.06e−07)

(3.06e−07)

个体固定

是

是

是

是

时间固定

是

是

是

是

省份固定

否

是

是

是

截距项

0.117***

0.117***

0.502***

0.498***

(0.0257)

(0.0257)

(0.185)

(0.185)

样本量

31,776

31,776

31,776

31,776

调整R2

0.034

0.034

0.021

0.021