(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Acof

Acof

Adisexp

Adisexp

Aprod

Aprod

Rems

Rems

Change = 1

Change = 0

Change = 1

Change = 0

Change = 1

Change = 0

Change = 1

Change = 0

常数项

0.203^***

0.214^***

−0.098

−0.147^***

0.098

0.241^***

−0.008

0.174

(3.066)

(4.703)

(−1.539)

(−3.778)

(0.930)

(3.723)

(−0.045)

(1.590)

Initial

0.011^***

0.004

0.010^***

0.002

−0.025^***

−0.006

−0.046^***

−0.012^*

(2.776)

(1.291)

(2.686)

(0.864)

(−4.128)

(−1.636)

(−4.507)

(−1.811)

Size

−0.009^***

−0.007^***

0.001

0.004^***

−0.004

−0.009^***

0.004

−0.006

(−4.263)

(−4.212)

(0.642)

(3.012)

(−1.141)

(−3.651)

(0.698)

(−1.479)

Lev

0.040^***

0.025^***

−0.031^***

−0.046^***

0.097^***

0.095^***

0.088^***

0.116^***

(3.586)

(2.749)

(−2.897)

(−6.002)

(5.440)

(7.417)

(2.960)

(5.378)

Roa

0.097^***

0.200^***

0.011

0.022

−0.182^***

−0.417^***

−0.290^***

−0.639^***

(5.361)

(10.008)

(0.614)

(1.302)

(−6.344)

(−14.734)

(−6.069)

(−13.332)

Growth

−0.007^**

−0.009^***

−0.002

−0.001

−0.003

−0.007*

0.007

0.003

(−2.018)

(−3.037)

(−0.648)

(−0.376)

(−0.461)

(−1.731)

(0.722)

(0.375)

Age

0.001^**

0.002^***

0.001^**

0.001^**

−0.002^**

−0.001^**

−0.005^***

−0.005^***

(2.134)

(4.636)

(2.064)

(2.349)

(−2.454)

(−1.990)

(−3.032)

(−3.942)

Bs

0.001

−0.019^**

0.017

0.015^**

−0.021

−0.022^*

−0.038

−0.018

(0.053)

(−2.301)

(1.566)

(2.151)

(−1.190)

(−1.888)

(−1.303)

(−0.925)

Idir

−0.013

−0.024

0.007

0.028

−0.012

−0.036

−0.006

−0.040

(−0.370)

(−0.924)

(0.214)

(1.239)

(−0.204)

(−0.963)

(−0.060)

(−0.626)

Dual

0.006^*

−0.003

0.003

0.007^***

−0.004

−0.001

−0.012

−0.005

(1.861)

(−1.270)

(0.911)

(3.292)

(−0.699)

(−0.424)

(−1.455)

(−0.896)

Invrec

−0.154^***

−0.164^***

−0.001

0.006

0.087^***

0.086^***

0.242^***

0.244^***

(−11.979)

(−17.611)

(−0.113)

(0.763)

(4.258)

(6.538)

(7.142)

(10.917)

Top1

−0.000

−0.000

−0.000

−0.000^***

0.000

−0.000

0.000

0.000

(−1.045)

(−0.049)

(−0.129)

(−2.694)

(0.624)

(−0.323)

(0.818)

(0.790)

Seo

0.003

−0.007^**

0.001

−0.004

0.015^**

0.015^***

0.011

0.025^***

(0.587)

(−1.983)

(0.273)

(−1.300)

(1.975)

(3.181)

(0.866)

(3.168)

Avloss

−0.011

−0.005

−0.002

−0.008^*

0.033^***

0.026^***

0.046^**

0.039^***

(−1.434)

(−0.856)

(−0.278)

(−1.680)

(2.621)

(3.240)

(2.220)

(2.869)

Year/Ind

控制

控制

控制

控制

控制

控制

控制

控制

Adj-R²

0.112

0.127

0.033

0.047

0.108

0.168

0.099

0.157

F

6.815

14.800

2.546

5.621

6.565

20.110

6.059

18.630

N

1,749

3,591

1,749

3,591

1,749

3,591

1,749

3,591

系数差异

0.007

0.008^*

0.019^***

0.034^***

Χ²

2.400

2.990

7.350

8.170

P

0.122

0.084

0.007

0.004