(1)

(2)

(3)

(4)

(5)

(6)

PSM-DID

更换被解释变量

VARIABLES

One-to-one

Caliper

Kernel

Critic-熵权法

Critic

熵权法

did

0.497^**

0.479^*

0.499^**

0.361^**

0.098^**

0.624^**

(2.35)

(1.83)

(2.08)

(2.37)

(2.32)

(2.39)

Size

0.080^*

0.075^*

0.081^*

0.054^*

0.019^**

0.088^*

(1.92)

(1.77)

(1.93)

(1.80)

(2.21)

(1.72)

Roa

−0.412

−0.378

−0.403

−0.400^*

−0.115^*

−0.685^*

(−1.47)

(−1.34)

(−1.44)

(−1.92)

(−1.89)

(−1.92)

Lev

−0.465^***

−0.467^***

−0.463^***

−0.296^***

−0.081^**

−0.510^***

(−2.98)

(−2.98)

(−2.96)

(−2.62)

(−2.52)

(−2.64)

TobinQ

−0.005

−0.004

−0.004

0.005

0.001

0.008

(−0.33)

(−0.31)

(−0.27)

(0.44)

(0.29)

(0.46)

Tato

−0.110

−0.129

−0.108

−0.069

−0.018

−0.119

(−1.24)

(−1.45)

(−1.22)

(−1.15)

(−1.02)

(−1.16)

Ret

0.074^***

0.077^***

0.073^**

0.055^***

0.016^***

0.095^***

(2.59)

(2.68)

(2.55)

(2.66)

(2.63)

(2.65)

Soe

−0.002

−0.008

−0.002

−0.185^**

−0.055^**

−0.314^**

(−0.01)

(−0.05)

(−0.01)

(−2.29)

(−2.43)

(−2.26)

Top1

0.423

0.409

0.425

0.328

0.082

0.580

(1.43)

(1.37)

(1.43)

(1.47)

(1.27)

(1.52)

Sharesbalance

0.119^**

0.120^**

0.118^**

0.077^*

0.022^*

0.133^*

(2.20)

(2.22)

(2.19)

(1.88)

(1.82)

(1.89)

Dual

−0.065

−0.075^*

−0.065

−0.037

−0.012

−0.062

(−1.61)

(−1.86)

(−1.59)

(−1.28)

(−1.41)

(−1.24)

Mhold

0.516^***

0.521^***

0.518^***

0.407^***

0.115^***

0.701^***

(3.53)

(3.56)

(3.53)

(3.59)

(3.52)

(3.61)

HHI

−0.358

−0.428

−0.390

−0.452^*

−0.146^**

−0.757^*

(−0.99)

(−1.16)

(−1.06)

(−1.78)

(−2.01)

(−1.74)

IndTobinQ

0.007

0.011

0.007

0.004

0.000

0.008

(0.18)

(0.31)

(0.19)

(0.15)

(0.02)

(0.18)

Constant

0.634

0.762

0.619

0.802

0.176

1.440

(0.69)

(0.82)

(0.67)

(1.23)

(0.93)

(1.29)

Adjusted R²

0.496

0.499

0.496

0.509

0.521

0.507

Year

YES

YES

YES

YES

YES

YES

Firm

YES

YES

YES

YES

YES

YES

N

4,013

3,965

4,000

4,369

4,369

4,369