(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Acof

Acof

Adisexp

Adisexp

Aprod

Aprod

Rems

Rems

Mid = 1

Mid = 0

Mid = 1

Mid = 0

Mid = 1

Mid = 0

Mid = 1

Mid = 0

常数项

0.219^***

0.309^***

0.067

−0.510^***

−0.032

0.667^***

−0.317^*

0.868^***

(2.880)

(4.290)

(1.031)

(−7.886)

(−0.284)

(6.389)

(−1.695)

(4.940)

Initial

0.010^***

0.001

0.008^***

0.000

−0.017^***

−0.004

−0.034^***

−0.005

(3.068)

(0.358)

(2.867)

(0.117)

(−3.660)

(−0.755)

(−4.413)

(−0.638)

Size

−0.007^***

−0.013^***

−0.004^*

0.022^***

−0.001

−0.028^***

0.010^*

−0.036^***

(−3.119)

(−4.010)

(−1.932)

(7.497)

(−0.299)

(−5.996)

(1.759)

(−4.678)

Lev

0.023^**

0.032^***

−0.049^***

−0.035^***

0.119^***

0.086^***

0.145^***

0.090^***

(2.234)

(3.267)

(−5.597)

(−4.048)

(7.893)

(6.109)

(5.723)

(3.781)

Roa

0.155^***

0.136^***

0.039^**

−0.003

−0.340^***

−0.258^***

−0.534^***

−0.391^***

(7.315)

(7.603)

(2.176)

(−0.184)

(−11.012)

(−9.944)

(−10.262)

(−8.953)

Growth

−0.006^*

−0.011^***

−0.002

−0.001

−0.006

−0.007

0.001

0.005

(−1.953)

(−2.708)

(−0.668)

(−0.186)

(−1.531)

(−1.190)

(0.115)

(0.470)

Age

0.002^***

0.002^***

0.001

0.001^**

−0.001

−0.002^**

−0.003^**

−0.005^***

(2.949)

(3.729)

(1.280)

(2.008)

(−1.141)

(−2.420)

(−2.318)

(−3.702)

Bs

−0.016^*

−0.007

0.012

0.018^**

−0.013

−0.035^***

−0.008

−0.046^**

(−1.683)

(−0.802)

(1.437)

(2.187)

(−0.903)

(−2.652)

(−0.352)

(−2.051)

Idir

−0.023

−0.023

0.023

0.028

−0.022

−0.066

−0.022

−0.071

(−0.722)

(−0.808)

(0.841)

(1.097)

(−0.476)

(−1.574)

(−0.282)

(−1.008)

Dual

−0.000

0.000

0.003

0.007^***

0.005

−0.008^**

0.002

−0.015^**

(−0.040)

(0.037)

(1.212)

(2.837)

(1.108)

(−2.168)

(0.253)

(−2.346)

Invrec

−0.172^***

−0.148^***

0.004

−0.002

0.109^***

0.061^***

0.276^***

0.210^***

(−15.684)

(−13.881)

(0.458)

(−0.183)

(6.785)

(3.953)

(10.232)

(8.098)

Top1

0.000

−0.000^**

−0.000^*

−0.000

−0.000

0.000

−0.000

0.000

(1.541)

(−2.237)

(−1.706)

(−1.062)

(−0.469)

(0.350)

(−0.311)

(1.514)

Seo

−0.005

−0.003

0.000

−0.004

0.015^**

0.014^**

0.019^**

0.021^**

(−1.299)

(−0.714)

(0.117)

(−1.220)

(2.497)

(2.548)

(1.969)

(2.254)

Avloss

−0.009

−0.009

−0.007

−0.007

0.027^**

0.030^***

0.043^**

0.046^***

(−1.163)

(−1.552)

(−1.021)

(−1.340)

(2.479)

(3.620)

(2.298)

(3.279)

Year/Ind

控制

控制

控制

控制

控制

控制

控制

控制

Adj-R²

0.130

0.109

0.059

0.067

0.164

0.156

0.162

0.137

F

11.450

9.609

5.408

6.080

14.780

14.020

14.520

12.190

N

2,667

2,673

2,667

2,673

2,667

2,673

2,667

2,673

系数差异

0.009

0.008

0.013^**

0.029^***

Χ²

3.74

3.390

4.370

7.530

P

0.053

0.066

0.037

0.006