变量

(1)

(2)

TFP

TFP

Dif

0.2039^***

0.1159^***

(5.77)

(7.09)

Dif × Ioc

0.0127^***

(11.06)

Size

0.6517^***

0.6490^***

(56.59)

(227.06)

Lev

0.7302^***

0.7352^***

(9.74)

(30.61)

Roa

1.0933^***

0.9402^**

(8.30)

(5.27)

Growth

0.0067

0.0060

(0.79)

(1.73)

Cash

0.6686^***

0.6650^*

(4.42)

(2.97)

LHR

0.0019^**

0.0017^**

(2.44)

(5.06)

Audi

0.1112^**

−0.0319

(2.24)

(−0.37)

Constant

6.3457^***

−6.1180^***

(−23.33)

(−47.20)

行业固定

是

是

年份固定

是

是

N

7699

7699

adj.R²

0.691

0.693