| IP |
|
| −0.133 |
|
|
|
| (−1.85) |
| IP_KZ |
|
| 0.0808 |
|
|
|
| (1.87) |
| TANG | 0.0843 | 0.110 | 0.0597 |
|
| (0.61) | (0.78) | (0.44) |
| LOSS | 0.00479 | 0.000870 | 0.00549 |
|
| (0.10) | (0.02) | (0.12) |
| SD | −0.000684 | −0.000762 | −0.000536 |
|
| (−0.13) | (−0.15) | (−0.10) |
| SIZE | −0.0365*** | −0.0347*** | −0.0356*** |
|
| (−4.54) | (−4.34) | (−4.37) |
| GROWTH | 0.135*** | 0.137*** | 0.133*** |
|
| (4.51) | (4.59) | (4.48) |
| LOAN | −0.00456 | −0.0118 | −0.0111 |
|
| (−0.17) | (−0.42) | (−0.42) |
| AGE | −0.0000884 | −0.000189 | −0.0000715 |
|
| (−0.06) | (−0.13) | (−0.05) |
| MB | 2.271 | 2.569 | 3.297 |
|
| (0.82) | (0.91) | (1.14) |
| SOE | 0.00656 | 0.00623 | 0.00433 |
|
| (0.41) | (0.38) | (0.27) |
| LEV | −0.228** | −0.227** | −0.221** |
|
| (−2.83) | (−2.83) | (−2.69) |
| ROE | 0.397** | 0.383** | 0.403** |
|
| (3.26) | (3.09) | (3.30) |
| OCF | 0.480*** | 0.479*** | 0.466*** |
|
| (3.60) | (3.58) | (3.51) |
| YEAR | 控制 | 控制 | 控制 |
| IND | 控制 | 控制 | 控制 |
| _cons | 0.574** | 0.483* | 0.692** |
|
| (2.82) | (2.33) | (3.30) |
| N | 3504 | 3504 | 3504 |
| adj. R2 | 0.142 | 0.145 | 0.141 |