(1)

(2)

(3)

(4)

(5)

ΔCash

ΔCash

ΔCash

ΔCash

ΔCash

CF

0.277^***

0.385^***

0.377^***

0.381^***

0.391^***

(13.32)

(8.26)

(8.49)

(8.24)

(7.83)

Size

−0.004

−0.003

−0.003

−0.003

−0.003

(−1.33)

(−1.13)

(−1.13)

(−1.14)

(−1.16)

Growth

0.052^***

0.053^***

0.053^***

0.053^***

0.052^***

(3.91)

(3.96)

(3.96)

(3.96)

(3.96)

ΔNwc

0.410^***

0.411^***

0.411^***

0.411^***

0.411^***

(21.98)

(21.97)

(21.97)

(21.96)

(22.01)

Expend

−0.100^***

−0.102^***

−0.101^***

−0.101^***

−0.102^***

(−3.74)

(−3.82)

(−3.81)

(−3.80)

(−3.84)

ΔSd

0.194^***

0.194^***

0.194^***

0.194^***

0.195^***

(9.23)

(9.22)

(9.21)

(9.21)

(9.25)

CF × DIFI

−0.042^***

(−2.62)

CF × Cove

−0.042^**

(−2.56)

CF × Dep

−0.039^**

(−2.57)

CF × Dig

−0.037^**

(−2.53)

_cons

0.056

0.045

0.045

0.045

0.047

(0.95)

(0.76)

(0.76)

(0.76)

(0.79)

个体固定

YES

YES

YES

YESS

YES

时间固定

YES

YES

YES

YES

YES

N

5654

5654

5654

5654

5654

R²

0.475

0.476

0.476

0.476

0.476