变量	NCSKEW_t+1				DUVOL_t+1
	国有企业		非国有企业		国有企业		非国有企业
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
degree	−4.299		−46.855^**		−10.938		−32.069^**
	(−0.17)		(−2.19)		(−0.66)		(−2.25)
closeness		−0.139		−0.305^**		−0.121		−0.206^**
		(−0.81)		(−2.37)		(−1.06)		(−2.41)
ret	12.042^***	12.048^***	10.511^***	10.483^***	7.473^***	7.474^***	6.272^***	6.253^***
	(10.30)	(10.31)	(12.71)	(12.67)	(9.64)	(9.64)	(11.40)	(11.36)
sigma	−1.887^***	−1.890^***	−1.996^***	−1.977^***	−1.057^***	−1.057^***	−1.243^***	−1.230^***
	(−4.23)	(−4.24)	(−6.25)	(−6.20)	(−3.57)	(−3.58)	(−5.85)	(−5.80)
size	−0.002	−0.001	−0.021^***	−0.021^***	−0.000	−0.000	−0.015^***	−0.015^***
	(−0.19)	(−0.17)	(−3.21)	(−3.23)	(−0.09)	(−0.07)	(−3.45)	(−3.48)
lev	−0.052	−0.051	−0.100^***	−0.102^***	−0.052^*	−0.052^*	−0.079^***	−0.080^***
	(−1.27)	(−1.26)	(−3.31)	(−3.36)	(−1.92)	(−1.91)	(−3.89)	(−3.94)
board	−0.021	−0.021	0.005	0.004	−0.010	−0.010	0.002	0.001
	(−0.50)	(−0.51)	(0.14)	(0.10)	(−0.37)	(−0.37)	(0.07)	(0.03)
indep	−0.052	−0.055	0.004	0.001	−0.119	−0.121	0.016	0.014
	(−0.36)	(−0.38)	(0.03)	(0.01)	(−1.24)	(−1.25)	(0.19)	(0.16)
dual	−0.002	−0.002	0.027^**	0.027^**	0.001	0.001	0.019^**	0.019^**
	(−0.10)	(−0.07)	(2.32)	(2.34)	(0.04)	(0.07)	(2.42)	(2.44)
top1	−0.061	−0.061	0.172^***	0.174^***	−0.044	−0.044	0.107^***	0.109^***
	(−1.24)	(−1.24)	(4.28)	(4.34)	(−1.34)	(−1.35)	(4.01)	(4.07)
bm	0.010	0.009	0.010	0.010	0.009^*	0.008^*	0.006	0.006
	(1.38)	(1.37)	(1.18)	(1.18)	(1.86)	(1.83)	(1.12)	(1.12)
big4	0.018	0.018	−0.045	−0.045	0.019	0.019	−0.028	−0.028
	(0.65)	(0.66)	(−1.41)	(−1.43)	(1.04)	(1.04)	(−1.31)	(−1.34)
Constant	0.024	0.028	0.319^*	0.312^*	0.053	0.052	0.278^**	0.272^**
	(0.13)	(0.15)	(1.83)	(1.79)	(0.43)	(0.42)	(2.39)	(2.35)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Adj−R²	0.062	0.062	0.042	0.042	0.064	0.064	0.047	0.047
N	10,104	10,104	16,987	16,987	10,104	10,104	16,987	16,987