变量

ROE

Ersp

ROE

Ersp

Digital

0.0036^***

(2.765)

1.0912^***

(5.830)

0.0036^***

(2.965)

0.4336^***

(2.495)

Size

0.0024

(0.188)

0.4267

(0.197)

Growth

0.0481^***

(4.916)

−0.0719

(−0.049)

Indep

−0.0009

(−1.064)

−0.3729^**

(−2.452)

Mshare

0.0001

(0.109)

0.0538

(0.586)

Mfee

−0.6417^***

(−7.108)

5.2157

(0.315)

Ofee

−0.2551^***

(−5.908)

−2.5851

(−0.322)

个体/时间固定效应

YES

YES

YES

YES

常数项

0.0757^***

(19.265)

9.9988^***

(14.824)

0.2385

(0.838)

8.8238

(0.179)

R-squared

0.010

0.085

0.301

0.360

F

7.645

33.99

21.36

13.44