(1)

(2)

(3)

(4)

(5)

Initial

Acof

Adisexp

Aprod

Rems

第一阶段

第二阶段

常数项

−4.913^***

−0.136

0.559^**

−0.407

−0.829

(−6.011)

(−0.433)

(2.007)

(−0.877)

(−1.064)

Initial

0.006^***

0.005^**

−0.013^***

−0.023^***

(2.655)

(2.394)

(−3.833)

(−4.208)

Size

0.156^***

0.001

−0.015^**

0.009

0.022

(5.371)

(0.165)

(−2.005)

(0.709)

(1.071)

Lev

−0.182

0.016

−0.019^*

0.082^***

0.085^***

(−1.187)

(1.312)

(−1.735)

(4.471)

(2.749)

Roa

−0.446

0.117^***

0.068^***

−0.337^***

−0.522^***

(−1.527)

(4.215)

(2.746)

(−8.234)

(−7.582)

Growth

−0.191^***

−0.019^*

0.022^**

−0.027^*

−0.030

(−3.583)

(−1.801)

(2.317)

(−1.735)

(−1.132)

Age

0.039^***

0.004^**

−0.004^*

0.002

0.002

(4.695)

(1.982)

(−1.886)

(0.728)

(0.306)

Bs

0.661^***

0.027

−0.062^*

0.045

0.080

(4.269)

(0.740)

(−1.944)

(0.852)

(0.903)

Idir

−0.856^*

−0.073

0.125^***

−0.126^*

−0.178

(−1.727)

(−1.425)

(2.742)

(−1.661)

(−1.392)

Dual

−0.139^***

−0.008

0.022^***

−0.016

−0.030

(−3.205)

(−1.080)

(3.200)

(−1.454)

(−1.572)

Invrec

−0.296^*

−0.178^***

0.037^**

0.056^**

0.196^***

(−1.784)

(−10.348)

(2.461)

(2.217)

(4.619)

Top1

−0.009^***

−0.001

0.001^**

−0.001

−0.001

(−5.393)

(−1.104)

(2.138)

(−1.365)

(−1.130)

Seo

−0.084

−0.009^*

0.008^*

0.005

0.006

(−1.402)

(−1.692)

(1.739)

(0.691)

(0.473)

Avloss

0.041

−0.006

−0.011^**

0.033^***

0.050^***

(0.411)

(−1.096)

(−2.497)

(4.395)

(3.949)

Imr

0.074

−0.151^**

0.135

0.211

(1.086)

()

()

()

Year/Ind

控制

控制

控制

控制

控制

Pseudo R²

0.067

Chi2

373.860

Adj−R²

0.117

0.043

0.141

0.133

F

19.210

7.088

23.530

22.000

N

5,340

5,340

5,340

5,340

5,340