(1)

(2)

(3)

(4)

高信息不对称

低信息不对称

高分析师关注度

低分析师关注度

变量

Exfin

Exfin

Exfin

Exfin

ICA

−0.002

−0.005^***

−0.005^***

−0.002

(−1.42)

(−3.13)

(−3.36)

(−1.32)

ROA

0.026^**

0.098^***

0.050^***

0.068^***

(2.34)

(6.01)

(4.39)

(4.07)

Dev

0.002

0.005^*

0.002

0.004

(0.73)

(1.87)

(1.10)

(1.40)

Earn

−0.038

−0.064

−0.051

−0.054

(−0.79)

(−1.14)

(−0.91)

(−1.09)

Cash

−0.061^***

−0.112^***

−0.084^***

−0.095^***

(−6.73)

(−11.51)

(−9.91)

(−10.08)

Outshare

−0.000

−0.000

−0.000

0.001

(−0.02)

(−0.46)

(−0.97)

(0.98)

ROI

0.034

−0.004

0.031

−0.001

(0.80)

(−0.10)

(0.80)

(−0.03)

SA

0.005

−0.001

0.001

0.003

(1.17)

(−0.21)

(0.19)

(0.72)

Turnover

0.000

0.001^**

0.001^*

0.000

(0.74)

(2.02)

(1.84)

(0.61)

Capital

−0.090^***

−0.110^***

−0.103^***

−0.095^***

(−11.72)

(−12.13)

(−13.03)

(−11.67)

Sdret

0.141

1.813^***

0.978^***

1.352^***

(0.35)

(5.32)

(2.89)

(3.29)

Indd

0.000

0.000^**

0.000

0.000

(0.26)

(1.97)

(1.25)

(1.25)

Constant

0.045^***

0.019

0.029^*

0.037^**

(2.65)

(1.05)

(1.90)

(1.96)

Year & Industry

Yes

Yes

Yes

Yes

Cluster

Yes

Yes

Yes

Yes

R-squared

0.123

0.148

0.121

0.144

N

10,036

10,057

12,673

7,419