| 模型 | 模型(4) | 模型(5) | 模型(6) |
| 变量名 | MVM | MVM | MVM |
| KZ | 0.158*** | 0.183*** | 0.0907 |
|
| (6.60) | (6.96) | (1.91) |
| FN |
| 0.125* |
|
|
|
| (2.37) |
|
| KZ_FN |
| −0.0662* |
|
|
|
| (−2.17) |
|
| IP |
|
| −0.133 |
|
|
|
| (−1.84) |
| IP_KZ |
|
| 0.0807 |
|
|
|
| (1.86) |
| Currentratio | −0.000565 | 0.000402 | −0.000212 |
|
| (−0.36) | (0.27) | (−0.14) |
| Capital | −0.000543 | −0.000580 | 0.000211 |
|
| (−0.23) | (−0.26) | (0.09) |
| Controlvariables | 控制 | 控制 | 控制 |
| YEAR | 控制 | 控制 | 控制 |
| IND | 控制 | 控制 | 控制 |
| Cons | 0.578** | 0.481* | 0.692** |
|
| (2.83) | (2.32) | (3.30) |
| N | 3504 | 3504 | 3504 |
| adj. R2 | 0.101 | 0.102 | 0.102 |