变量

企业市场维度

企业资源维度

企业能力

市场开拓(1)

营收质量(2)

资金筹措(3)

能力(4)

盈利能力(5)

企业创新(6)

Time*Treat

−7.3327**

(−2.15)

7.4973*

(1.81)

0.2521***

(3.51)

0.0955**

(2.16)

1.6125*

(1.66)

0.4846***

(3.92)

LEV

−0.0381

(−0.51)

10.7748

(1.08)

0.0084***

(4.35)

0.2899***

(3.89)

2.2546

(1.35)

−0.1287**

(−2.01)

OWNERSHIP

−0.1476

(−0.02)

−0.2179*

(−1.72)

−0.0778

(−0.41)

0.0009

(0.98)

−0.0061

(−0.28)

0.0049

(0.01)

ROE

0.2094

(2.15)

0.1212

(1.24)

0.0233***

(10.93)

−0.0003

(−0.31)

0.1519***

(7.25)

−0.0059

(−1.03)

STAFF

1.5931

(2.67)

0.3098

(0.22)

0.0061

(0.34)

0.0001

(0.01)

−0.1851

(−0.8)

−0.0372

(−0.47)

时间固定效应

Yes

Yes

Yes

Yes

Yes

Yes

事件固定效应

Yes

Yes

Yes

Yes

Yes

Yes

C

7.9653

(1.10)

14.2996

(0.94)

0.0883

(0.47)

−0.3272**

(−2.95)

−0.5508

(−0.22)

3.4281**

(5.30)

R2

0.3058

0.0664

0.1993

0.3719

0.2267

0.0561

观测值

336

336

336

336

336

336