(1)

(2)

(3)

(4)

kz

AbsINV

UnderINV

OverINV

did

−0.124*

0.003

0.115***

−0.115***

(0.071)

(0.002)

(0.021)

(0.021)

kz

−0.004***

0.017***

−0.017***

(0.000)

(0.002)

(0.002)

Size

0.128***

−0.012***

0.024**

−0.024**

(0.045)

(0.002)

(0.010)

(0.010)

Lev

2.730***

0.008

0.029

−0.029

(0.161)

(0.006)

(0.039)

(0.039)

ROA

−2.348***

0.034***

−0.185***

0.185***

(0.293)

(0.010)

(0.069)

(0.069)

Cashflow

−3.196***

−0.014**

−0.097*

0.097*

(0.237)

(0.007)

(0.055)

(0.055)

TobinQ

0.085***

0.000

−0.004*

0.004*

(0.020)

(0.000)

(0.002)

(0.002)

FirmAge

1.149***

0.009*

0.249***

−0.249***

(0.194)

(0.005)

(0.044)

(0.044)

Board

0.067

−0.004

−0.001

0.001

(0.127)

(0.005)

(0.038)

(0.038)

Indep

−0.059

0.005

0.047

−0.047

(0.342)

(0.012)

(0.113)

(0.113)

Dual

−0.043

0.002

−0.019

0.019

(0.044)

(0.002)

(0.013)

(0.013)

Top1

−0.502**

0.025***

−0.204***

0.204***

(0.246)

(0.008)

(0.066)

(0.066)

Mshare

−0.971***

−0.003

−0.057

0.057

(0.238)

(0.007)

(0.058)

(0.058)

Growth

−0.000

0.000***

0.000***

−0.000***

(0.000)

(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

否

是

是

是

截距项

−4.858***

0.285***

−0.432*

1.432***

(1.080)

(0.039)

(0.250)

(0.250)

样本量

188,411

188,411

188,411

188,411

调整R2

0.207

0.054

0.022

0.022