(1)

(2)

低现金

高现金

TFP_LP

TFP_LP

SPI

0.016***

0.011**

(0.005)

(0.005)

SG&A

−0.908***

−1.034***

(0.274)

(0.247)

Cashflow

0.655***

0.315***

(0.095)

(0.102)

Fixed

−0.722***

−0.919***

(0.090)

(0.192)

Lev

0.076

0.723***

(0.083)

(0.089)

Size

0.512***

0.515***

(0.028)

(0.039)

Age

0.213*

0.232*

(0.128)

(0.139)

ROA

0.376***

1.499***

(0.131)

(0.265)

_cons

0.350

0.098

(0.656)

(1.023)

N

11473

5611

R²

0.453

0.558