变量 | 模型1 | 模型2 | 模型3 |
ESH | −1.353 | 0.796** | 1.686** |
(−0.97) | (0.44) | (0.82) | |
RD |
| 1.521*** | 1.837*** |
(3.86) | (3.01) | ||
ESHRD |
|
| 1.042 |
(0.77) | |||
SIZE |
| 0.547 | 0.486 |
(1.54) | (1.35) | ||
AGE |
| 0.104** | 0.099** |
(2.60) | (2.47) | ||
DEBT |
| 1.788 | 2.089 |
(0.92) | (1.15) | ||
CF |
| 10.450*** | 10.850*** |
(3.41) | (3.72) | ||
INTAN |
| −5.225 | −5.564 |
(−0.72) | (−0.80) | ||
CONS | 1.736*** | −37.346*** | −42.098*** |
(4.55) | (−7.22) | (−4.88) | |
Year | 控制 | 控制 | 控制 |
N | 756 | 756 | 756 |
adj_R2 | 0.453 | 0.453 | 0.453 |
F | 8.240* | 8.240* | 8.240* |