变量

国有

民营

(1)

(2)

(3)

(4)

(5)

(6)

GI

KZ

GI

GI

KZ

GI

index

1.248***

−0.415*

1.223***

0.232**

−0.503***

0.208**

(3.20)

(−1.17)

(3.12)

(2.33)

(−4.23)

(2.09)

KZ

−0.059

−0.047***

(−0.74)

(−3.02)

age

−0.107**

−0.030

−0.109**

0.048***

0.030**

0.050***

(−2.16)

(−0.66)

(−2.19)

(3.95)

(2.04)

(4.07)

lev

1.109

6.129***

1.468

1.119***

6.898***

1.442***

(1.29)

(7.87)

(1.49)

(5.95)

(30.66)

(6.68)

seperation

0.061***

−0.035**

0.059***

0.021***

0.001

0.021***

(3.79)

(−2.41)

(3.60)

(4.43)

(0.16)

(4.44)

ROA

0.847

−1.515

0.758

0.387

−7.625***

0.031

(0.61)

(−1.19)

(0.54)

(1.15)

(−18.88)

(0.09)

board

0.647

−0.197

0.636

−0.319**

−0.623***

−0.348**

(0.92)

(−0.31)

(0.90)

(−2.12)

(−3.46)

(−2.31)

larges

−0.019*

−0.003

−0.019**

−0.004

−0.013***

−0.004*

(−1.96)

(−0.35)

(−1.98)

(−1.53)

(−4.51)

(−1.78)

fin

−1.148

8.002***

−0.679

−0.993***

0.040

−0.991***

(−0.43)

(3.32)

(−0.25)

(−2.75)

(0.09)

(−2.75)

TobinQ

0.043

0.189***

0.054

−0.002

0.133***

0.004

(0.58)

(2.82)

(0.71)

(−0.17)

(8.64)

(0.31)

year

−0.349***

0.097

−0.343***

−0.099***

0.103**

−0.094***

(−2.73)

(0.84)

(−2.68)

(−2.90)

(2.53)

(−2.76)

Constant

699.069***

−195.085

687.640***

198.890***

−207.374**

189.206***

(2.73)

(−0.84)

(2.68)

(2.91)

(−2.54)

(2.77)

Observations

206

206

206

2,929

2,929

2,929

R-squared

0.130

0.476

0.133

0.029

0.415

0.032