(1)

(2)

(3)

(4)

(5)

(6)

Change 1

Change 1

Change 2

Change 2

Change

Change

常数项

−6.275^*

−5.756

−3.007

−2.308

−2.639

−1.850

(−1.888)

(−1.632)

(−1.378)

(−1.036)

(−1.221)

(−0.836)

Mode*Pe

2.097^***

1.173^*

1.359^**

(2.739)

(1.897)

(2.182)

Pe

1.463^***

0.438

0.804^***

0.126

0.860^***

0.093

(3.661)

(0.866)

(2.622)

(0.259)

(2.783)

(0.193)

Mode

0.033

−0.834

0.159

−0.129

0.212

−0.121

(0.065)

(−1.286)

(0.423)

(−0.317)

(0.572)

(−0.299)

Size

0.510^**

0.599^**

0.348^*

0.354^*

0.279

0.285

(2.116)

(2.310)

(1.916)

(1.953)

(1.576)

(1.599)

Eage

0.034

0.037

−0.046

−0.051

−0.036

−0.042

(0.738)

(0.738)

(−1.286)

(−1.384)

(−1.049)

(−1.157)

Shares

−0.504

−1.030

0.421

0.163

0.249

−0.060

(−0.297)

(−0.578)

(0.350)

(0.132)

(0.209)

(−0.048)

Roa

0.932

−1.893

0.638

−0.377

0.701

−0.405

(0.184)

(−0.338)

(0.164)

(−0.093)

(0.182)

(−0.101)

Bs

0.093

0.119

0.070

0.069

0.065

0.064

(0.463)

(0.556)

(0.496)

(0.477)

(0.463)

(0.452)

Gender

−0.599

−0.314

−0.173

−0.084

−0.078

0.028

(−1.090)

(−0.510)

(−0.429)

(−0.201)

(−0.194)

(0.066)

Age

0.000

−0.021

0.015

0.006

0.012

0.002

(0.008)

(−0.479)

(0.518)

(0.205)

(0.431)

(0.077)

Degree

−0.614^**

−0.764^**

−0.162

−0.199

−0.125

−0.163

(−1.979)

(−2.385)

(−0.726)

(−0.877)

(−0.563)

(−0.723)

Year/Ind

控制

控制

控制

控制

控制

控制

Chi²

36.450

44.780

24.180

28.100

22.530

27.750

PseudoR²

0.225

0.276

0.103

0.119

0.0948

0.117

N

180

180

180

180

180

180