变量

Fh

(1)

(2)

Fh₋₁

0.1378^***

0.1368^***

(17.86)

(17.75)

Debt

−1.4431^***

−2.1934^***

(−12.48)

(−12.89)

Debt × Guar

4.3740^***

(6.22)

Debt²

1.2034^***

1.9710^***

(10.22)

(9.84)

Debt² × Guar

−4.0156^***

(−6.72)

Guar

−1.0050^***

(−4.47)

LnSize

−0.0693^***

−0.0712^***

(−7.43)

(−7.14)

ROA

−0.3102^***

−0.2920^***

(−2.94)

(−2.76)

Cash

−0.0006

−0.0027

(−0.01)

(−0.06)

Growth

−0.0239^***

−0.0240^***

(−2.79)

(−2.81)

Tobinq

0.0008

0.0012

(0.17)

(0.25)

Eps

−0.0085

−0.0098

(−0.67)

(−0.77)

Share

−0.0056^*

−0.0059^**

(−1.94)

(−2.07)

LnAge

0.0661^***

0.0615^***

(3.81)

(3.39)

常数项

1.9499^***

2.1435^***

(8.28)

(8.78)

样本量

19682

19682

AR²

0.0748

0.0776

F

33.3566

32.2675

个体效应

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行业效应

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时间效应

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