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 |