变量

融资约束

NCSKEW_t+1

DUVOL_t+1

(1)

(2)

(3)

(4)

(5)

(6)

degree

−33.761^***

−22.291

−20.711^*

(−6.43)

(−1.33)

(−1.85)

closeness

−0.064^**

−0.220^**

−0.151^**

(−1.99)

(−2.10)

(−2.17)

融资约束

0.099^***

0.099^***

0.069^***

0.070^***

(5.19)

(5.22)

(5.43)

(5.48)

ret

−0.498^**

−0.511^**

10.833^***

10.820^***

6.525^***

6.514^***

(−2.43)

(−2.49)

(15.84)

(15.82)

(14.34)

(14.32)

sigma

0.821^***

0.840^***

−1.856^***

−1.852^***

−1.077^***

−1.070^***

(10.48)

(10.72)

(−7.04)

(−7.03)

(−6.14)

(−6.10)

size

−0.012^***

−0.013^***

−0.015^***

−0.015^***

−0.011^***

−0.011^***

(−8.29)

(−8.42)

(−2.94)

(−2.93)

(−3.24)

(−3.25)

lev

−0.092^***

−0.093^***

−0.103^***

−0.103^***

−0.087^***

−0.088^***

(−12.42)

(−12.60)

(−4.23)

(−4.23)

(−5.40)

(−5.42)

board

−0.014^*

−0.015^*

−0.021

−0.022

−0.017

−0.017

(−1.73)

(−1.78)

(−0.79)

(−0.81)

(−0.92)

(−0.95)

indep

−0.075^**

−0.077^***

−0.046

−0.046

−0.055

−0.055

(−2.53)

(−2.58)

(−0.47)

(−0.47)

(−0.85)

(−0.86)

dual

0.030^***

0.030^***

0.027^***

0.027^***

0.021^***

0.022^***

(9.66)

(9.89)

(2.61)

(2.64)

(3.17)

(3.21)

top1

0.035^***

0.035^***

0.073^**

0.073^**

0.034

0.034^*

(3.66)

(3.68)

(2.34)

(2.36)

(1.64)

(1.66)

bm

0.005^***

0.005^***

0.011^**

0.011^**

0.008^**

0.008^**

(3.29)

(3.16)

(2.00)

(1.97)

(2.25)

(2.22)

big4

−0.008

−0.009

−0.012

−0.012

−0.004

−0.004

(−1.33)

(−1.40)

(−0.59)

(−0.59)

(−0.30)

(−0.31)

Constant

−3.192^***

−3.207^***

0.638^***

0.640^***

0.511^***

0.509^***

(−82.24)

(−82.74)

(4.52)

(4.53)

(5.43)

(5.42)

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Yes

Yes

Yes

Adj−R²

0.261

0.260

0.047

0.047

0.052

0.052

N

30,852

30,852

25,842

25,842

25,842

25,842