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 | ||