国有企业

(1)

${\text{VOL}}_{i,t}$

国有企业

(2)

${\text{VOL}}_{i,t}$

${\text{RD}}_{i,t-1}$

0.0006

(0.18)

0.0023^***

(4.96)

${\text{BM}}_{i,t-1}$

0.0383^*

(1.70)

0.0441^**

(2.04)

${\text{ROA}}_{i,t-1}$

−0.1533^*

(−1.76)

−0.0627

(−1.50)

${\text{TAT}}_{i,t-1}$

−0.0015

(−0.03)

−0.0596^*

(−1.85)

${\text{LNASS}}_{i,t-1}$

−0.0325^***

(−3.04)

−0.0315^**

(−2.38)

${\text{LEV}}_{i,t-1}$

0.0366

(0.61)

0.0492

(1.13)

${\text{RET}}_{i,t-1}$

0.0756^***

(3.96)

0.0220^***

(3.31)

Constant

1.1702

1.1233

Year

控制

控制

Industry

控制

控制

N

148

1532

Adj.R²

0.3134

0.2101