VARIABLES

(1)

Eff

(2)

管理费用率

(3)

Eff

(4)

SA

(5)

EFF

Digital

0.215***

(5.85)

−0.009***

(−4.39)

0.137***

(3.86)

−0.03***

(−5.19)

0.039**

(2.32)

管理费用率

−8.111***

(−6.28)

SA

−5.569***

(−23.53)

Size

1.677***

(7.43)

−0.076***

(−6.13)

1.062***

(4.59)

−0.249***

(−6.83)

0.295**

(2.32)

ROA

−0.761*

(−1.89)

−0.023

(−1.21)

−0.157

(−0.48)

−0.007

(−0.11)

−0.003

(−0.02)

TQ

−.135*** (−3.45)

0.014***

(6.41)

−0.04

(−1.02)

0.021***

(3.46)

−0.031

(−1.59)

CR1

−.423

(−0.90)

−0.021

(−0.82)

−0.651

(−1.49)

0.21***

(2.76)

0.691***

(2.89)

Boa

−.067**

(−2.21)

0.001

(0.63)

−0.07**

(−2.55)

0.012**

(2.60)

−0.009

(−0.62)

Lev

−.619

(−1.65)

−0.038*

(−1.91)

−0.597*

(−1.77)

0.093

(1.60)

0.228

(1.27)

常数项

−13.892***

(−6.25)

0.822***

(6.72)

−7.432***

(−3.21)

−1.666***

(−4.65)

−23.377***

(−19.98)

Firm

YES

YES

YES

YES

YES

Year

NO

NO

NO

NO

NO

R-squared

0.443

0.395

0.529

0.443

0.865