(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

VARIABLES

中小型

大型

轻工业

重工业

跟随者

领导者

资本密集

技术密集

劳动密集

did

0.951^***

0.516^***

0.500^**

0.304

0.408^*

0.651

1.487^***

0.609

0.302^*

(2.91)

(3.23)

(2.17)

(1.37)

(1.94)

(1.43)

(2.79)

(1.02)

(1.70)

Size

0.143^*

0.076

−0.015

0.087^**

0.061

0.287^*

0.104^*

0.049

0.077

(1.85)

(1.00)

(−0.26)

(2.32)

(1.35)

(1.66)

(1.95)

(0.81)

(1.06)

Roa

−0.768^**

0.048

0.237

−0.679^**

−0.393

−2.305^*

−0.785^**

−1.036^**

0.301

(−1.97)

(0.11)

(0.68)

(−2.57)

(−1.15)

(−1.86)

(−2.07)

(−2.42)

(0.69)

Lev

−0.618^***

0.225

−0.478^**

−0.216

−0.309^*

−0.017

−0.420^*

−0.472^*

−0.588^**

(−2.71)

(0.93)

(−2.54)

(−1.51)

(−1.81)

(−0.03)

(−1.85)

(−1.86)

(−2.57)

TobinQ

−0.020

0.041

−0.018

0.018

0.007

0.000

0.023

−0.012

0.009

(−0.96)

(1.63)

(−0.93)

(1.32)

(0.36)

(0.01)

(1.22)

(−0.60)

(0.36)

Tato

0.035

−0.241^*

−0.017

−0.079

−0.135

0.491

−0.330^***

−0.304^**

0.129

(0.25)

(−1.84)

(−0.17)

(−1.04)

(−1.46)

(1.34)

(−2.70)

(−2.10)

(1.01)

Ret

0.085^**

0.029

0.062

0.044^*

0.086^***

−0.019

0.047

0.098^**

0.082^*

(1.98)

(0.74)

(1.61)

(1.78)

(2.61)

(−0.27)

(1.27)

(2.22)

(1.76)

Soe

0.119

−0.104

−0.098

−0.261^***

−0.074

−0.854

−0.314^**

−0.322^*

−0.047

(0.70)

(−0.65)

(−0.50)

(−2.83)

(−0.71)

(−1.31)

(−2.41)

(−1.68)

(−0.28)

Top1

1.013^*

0.078

0.297

0.468^*

0.251

2.349^**

0.668

0.485

0.662

(1.94)

(0.18)

(0.64)

(1.68)

(0.79)

(2.28)

(1.60)

(0.91)

(1.49)

Sharesbalance

0.207^**

0.039

0.058

0.085^*

0.097^*

0.226

0.025

0.005

0.255^***

(2.38)

(0.47)

(0.74)

(1.69)

(1.79)

(1.00)

(0.36)

(0.06)

(3.04)

Dual

0.045

−0.133^**

0.003

−0.045

−0.052

−0.034

−0.078

−0.007

−0.079

(0.78)

(−2.25)

(0.06)

(−1.27)

(−1.25)

(−0.23)

(−1.47)

(−0.12)

(−1.17)

Mhold

0.475^***

0.046

0.603^**

0.419^***

0.531^***

0.813

0.714^***

0.533^***

0.577^**

(2.68)

(0.12)

(2.11)

(3.29)

(3.33)

(1.49)

(3.88)

(2.60)

(2.38)

HHI

0.229

−0.558

−0.511

−0.117

−0.544

1.132

0.254

1.678^**

−0.060

(0.38)

(−1.22)

(−1.22)

(−0.34)

(−1.38)

(1.10)

(0.56)

(2.52)

(−0.10)

IndTobinQ

0.022

0.001

−0.047

0.055

0.004

−0.128

0.066

0.174^**

−0.034

(0.39)

(0.03)

(−1.36)

(1.33)

(0.09)

(−1.22)

(1.11)

(2.39)

(−0.71)

Constant

−1.109

0.730

2.470^**

−0.160

1.112

−4.842

−0.030

0.935

0.429

(−0.65)

(0.43)

(1.97)

(−0.20)

(1.12)

(−1.27)

(−0.03)

(0.68)

(0.26)

Adjusted R²

0.535

0.490

0.537

0.499

0.486

0.507

0.479

0.465

0.505

Year

YES

YES

YES

YES

YES

YES

YES

YES

YES

Firm

YES

YES

YES

YES

YES

YES

YES

YES

YES

N

2,235

2,028

1,320

3,038

2,768

1,409

2,360

1,715

1,625