| 变量 | TFP |
| Dif | 0.2039*** |
|
| (5.77) |
| Size | 0.6517*** |
|
| (56.59) |
| Lev | 0.7302*** |
|
| (9.74) |
| Roa | 1.0933*** |
|
| (8.30) |
| Growth | 0.0067 |
|
| (0.79) |
| Cash | 0.6686*** |
|
| (4.42) |
| LHR | 0.0019** |
|
| (2.44) |
| Audi | 0.1112** |
|
| (2.24) |
| Constant | 6.3457*** |
|
| (−23.33) |
| 行业固定 | 是 |
| 年份固定 | 是 |
| N | 7699 |
| adj.R2 | 0.691 |