(1)

(2)

(3)

(4)

Fcf

AbsINV

UnderINV

OverINV

did

0.125**

0.004

0.109***

−0.109***

(0.060)

(0.002)

(0.020)

(0.020)

Fcf

−0.006***

0.031***

−0.031***

(0.001)

(0.006)

(0.006)

Size

−0.331***

−0.014***

0.036***

−0.036***

(0.103)

(0.002)

(0.010)

(0.010)

Lev

0.251***

−0.002

0.066*

−0.066*

(0.097)

(0.006)

(0.039)

(0.039)

ROA

0.308**

0.045***

−0.229***

0.229***

(0.138)

(0.010)

(0.068)

(0.068)

Cashflow

−0.237

−0.005

−0.141***

0.141***

(0.186)

(0.007)

(0.054)

(0.054)

TobinQ

−0.022***

−0.000

−0.002

0.002

(0.007)

(0.000)

(0.002)

(0.002)

FirmAge

0.520**

0.008

0.253***

−0.253***

(0.214)

(0.005)

(0.044)

(0.044)

Board

−0.160

−0.006

0.005

−0.005

(0.138)

(0.005)

(0.037)

(0.037)

Indep

−0.508

0.002

0.061

−0.061

(0.532)

(0.012)

(0.111)

(0.111)

Dual

−0.098*

0.002

−0.017

0.017

(0.052)

(0.002)

(0.013)

(0.013)

Top1

−0.424

0.024***

−0.198***

0.198***

(0.259)

(0.008)

(0.065)

(0.065)

Mshare

−0.167

−0.000

−0.068

0.068

(0.105)

(0.007)

(0.057)

(0.057)

Growth

−0.046***

−0.000**

0.002***

−0.002***

(0.002)

(0.000)

(0.000)

(0.000)

个体固定

是

是

是

是

时间固定

是

是

是

是

省份固定

是

是

是

是

截距项

6.334***

0.333***

−0.700***

1.700***

(2.154)

(0.040)

(0.247)

(0.247)

样本量

188,398

188,398

188,398

188,398

调整R2

0.166

0.064

0.028

0.028