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 |