变量

政府补助

NCSKEW_t+1

DUVOL_t+1

(1)

(2)

(3)

(4)

(5)

(6)

degree

125.859^***

−22.842

−20.777^*

(3.30)

(−1.30)

(−1.78)

closeness

0.251

−0.215^**

−0.145^**

(1.08)

(−1.98)

(−2.01)

政府补助

−0.009^***

−0.009^***

−0.006^***

−0.006^***

(−3.28)

(−3.29)

(−3.11)

(−3.13)

ret

0.574

0.622

10.712^***

10.699^***

6.326^***

6.315^***

(0.39)

(0.42)

(15.02)

(15.00)

(13.35)

(13.33)

sigma

−2.356^***

−2.426^***

−1.561^***

−1.555^***

−0.882^***

−0.875^***

(−4.17)

(−4.29)

(−5.71)

(−5.69)

(−4.86)

(−4.82)

size

0.062^***

0.063^***

−0.015^***

−0.015^***

−0.010^***

−0.010^***

(5.69)

(5.75)

(−2.82)

(−2.81)

(−2.80)

(−2.80)

lev

0.305^***

0.310^***

−0.115^***

−0.116^***

−0.098^***

−0.099^***

(5.64)

(5.74)

(−4.52)

(−4.54)

(−5.81)

(−5.85)

board

−0.014

−0.012

−0.015

−0.016

−0.013

−0.013

(−0.22)

(−0.20)

(−0.53)

(−0.56)

(−0.66)

(−0.69)

indep

0.658^***

0.661^***

−0.036

−0.036

−0.040

−0.040

(3.04)

(3.05)

(−0.35)

(−0.36)

(−0.59)

(−0.60)

dual

−0.035

−0.038^*

0.028^***

0.028^***

0.023^***

0.023^***

(−1.59)

(−1.71)

(2.65)

(2.67)

(3.28)

(3.31)

top1

−0.141^**

−0.141^**

0.065^**

0.066^**

0.026

0.026

(−2.05)

(−2.05)

(2.00)

(2.03)

(1.19)

(1.21)

bm

−0.046^***

−0.045^***

0.014^**

0.014^**

0.010^**

0.009^**

(−3.99)

(−3.93)

(2.51)

(2.49)

(2.57)

(2.55)

big4

0.204^***

0.206^***

−0.013

−0.013

−0.001

−0.001

(4.47)

(4.52)

(−0.57)

(−0.59)

(−0.08)

(−0.10)

Constant

13.727^***

13.785^***

0.378^***

0.378^***

0.300^***

0.297^***

(48.13)

(48.42)

(2.69)

(2.69)

(3.21)

(3.18)

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Yes

Yes

Yes

Adj−R²

0.074

0.073

0.044

0.044

0.048

0.048

N

29,394

29,394

24,094

24,094

24,094

24,094