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*