变量

(1)

(2)

(3)

TFP

Dif

TFP

Dif

0.2039^***

−0.0332^***

0.1033^***

(5.77)

(−5.21)

(6.22)

SA

−0.0708^**

(−2.39)

Size

0.6517^***

−0.0307^***

0.6581^***

(56.59)

(−11.80)

(96.53)

Lev

0.7302^***

0.0224

0.7169^***

(9.74)

(1.42)

(17.44)

Roa

1.0933^***

0.0867^***

1.1105^***

(8.30)

(2.99)

(14.71)

Growth

0.0067

0.0042^***

0.0071^*

(0.79)

(2.93)

(1.87)

Cash

0.6686^***

−0.0318

0.4911^***

(4.42)

(−0.84)

(4.98)

LHR

0.0019^**

−0.0002

0.0006

(2.44)

(−1.09)

(1.45)

Audi

0.1112^**

0.0519^***

0.0910^***

(2.24)

(4.20)

(2.83)

Constant

6.3457^***

−3.1181^***

−6.0101^***

(−23.33)

(−52.33)

(−33.33)

行业固定

是

是

是

年份固定

是

是

是

N

7699

7699

7699

adj.R²

0.691

0.031

0.669