(1)

(2)

(3)

(4)

(5)

ΔCash

ΔCash

ΔCash

ΔCash

ΔCash

CF

0.291^***

0.415^***

0.400^***

0.410^***

0.435^***

(13.55)

(8.64)

(8.80)

(8.59)

(8.41)

Size

−0.004

−0.004

−0.004

−0.004

−0.004

(−1.51)

(−1.28)

(−1.30)

(−1.29)

(−1.28)

Growth

0.052^***

0.052^***

0.052^***

0.053^***

0.052^***

(3.66)

(3.71)

(3.70)

(3.71)

(3.70)

ΔNwc

0.402^***

0.402^***

0.402^***

0.402^***

0.403^***

(20.21)

(20.20)

(20.20)

(20.19)

(20.24)

Expend

−0.097^***

−0.098^***

−0.098^***

−0.098^***

−0.099^***

(−3.50)

(−3.56)

(−3.56)

(−3.54)

(−3.61)

ΔSd

0.190^***

0.191^***

0.191^***

0.191^***

0.191^***

(8.56)

(8.53)

(8.53)

(8.53)

(8.57)

CF × DIFI

−0.048^***

(−2.90)

CF × Cove

−0.046^***

(−2.73)

CF × Dep

−0.045^***

(−2.84)

CF × Dig

−0.047^***

(−3.07)

_cons

0.069

0.057

0.058

0.057

0.057

(1.13)

(0.92)

(0.93)

(0.93)

(0.92)

个体固定

YES

YES

YES

YES

YES

时间固定

YES

YES

YES

YES

YES

N

5114

5114

5114

5114

5114

R²

0.465

0.466

0.466

0.466

0.467