ICA = 0 (N = 5968)

ICA = 1 (N = 14126)

单变量分析

变量名

均值

中位数

均值

中位数

T检验

Z检验

Exfin

0.003

−0.015

0.000

−0.016

6.888^***

0.003^***

ROA

0.029

0.033

0.033

0.032

2.106

−0.003^***

Dev

−0.043

0.000

−0.025

0.026

25.340^***

−0.018^***

Earn

0.015

0.010

0.015

0.010

11.538^***

0.000

Cash

0.148

0.121

0.142

0.116

5.950^**

0.005^***

Outshare

−1.071

−1.054

−1.392

−1.288

162.622^***

0.321^***

ROI

0.024

0.019

0.023

0.019

10.173^***

0.001^**

SA

−3.737

−3.740

−3.832

−3.844

685.599^***

0.095^***

Turnover

2.708

2.307

2.088

1.596

556.500^***

0.620^***

Capital

0.218

0.186

0.227

0.187

0.095

−0.009^***

Sdret

0.003

0.003

0.002

0.002

1196.588^***

0.001^***

Indd

37.310

33.330

37.470

36.360

8.714^***

−0.155^*