变量

TFP

OLS

FE

OP

Dif

0.2039^***

0.1620^***

0.1540^***

0.1963^***

(5.77)

(4.79)

(4.48)

(5.63)

Size

0.6517^***

0.8098^***

0.8602^***

0.4160^***

(56.59)

(73.19)

(76.66)

(36.05)

Lev

0.7302^***

0.7522^***

0.7711^***

0.5665^***

(9.74)

(10.45)

(10.60)

(7.51)

Roa

1.0933^***

1.0428^***

1.0364^***

1.0158^***

(8.30)

(8.19)

(8.09)

(7.78)

Growth

0.0067

0.0072

0.0072

0.0074

(0.79)

(0.86)

(0.86)

(0.93)

Cash

0.6686^***

1.0335^***

1.1546^***

0.0654

(4.42)

(7.10)

(7.88)

(0.41)

LHR

0.0019^**

0.0020^***

0.0021^***

0.0011

(2.44)

(2.77)

(2.87)

(1.35)

Audi

0.1112^**

0.1323^***

0.1462^***

−0.0139

(2.24)

(2.71)

(2.96)

(−0.28)

Constant

−6.3457^***

−8.1911^***

−8.7983^***

−3.3219^***

(−23.33)

(−30.77)

(−32.51)

(−12.28)

行业固定

是

是

是

是

年份固定

是

是

是

是

N

7,699

7,699

7,699

7,699

adj.R²

0.691

0.783

0.798

0.502