变量

(1)

(2)

(3)

UP₁

UP₁

UP₁

Ave_RD

1.947^***

4.717^***

−4.996

(2.803)

(3.427)

(−1.348)

UW

0.084

(0.411)

Ave_RD*UW

−3.415^**

(−2.331)

FR

0.095

(0.541)

Ave_RD*FR

1.700^*

(1.905)

Turnover

0.074^***

0.075^***

0.067^***

(6.681)

(6.731)

(5.912)

Pe

−0.002^**

−0.002^**

−0.002

(−2.298)

(−2.234)

(−1.385)

Size

0.264^*

0.315^**

0.262^*

(1.703)

(2.039)

(1.704)

Fee

0.074^***

0.075^***

0.056^**

(3.404)

(3.419)

(2.430)

Lotrate

0.168

−1.033

0.500

(0.023)

(−0.140)

(0.067)

ROE

−0.009

−0.008

−0.004

(−1.137)

(−1.038)

(−0.459)

Asset

0.102

0.117

0.197

(0.752)

(0.871)

(1.327)

Dual

−0.150

−0.172

−0.138

(−1.140)

(−1.324)

(−1.060)

Lev

−0.007

−0.008^*

−0.008

(−1.447)

(−1.806)

(−1.629)

VC

−0.191

−0.192

−0.207

(−1.035)

(−1.050)

(−1.135)

VCrate

0.012^*

0.013^*

0.013^*

(1.653)

(1.712)

(1.715)

常数

−7.262^***

−7.948^***

−8.220^***

(−3.899)

(−4.264)

(−3.680)

时间

控制

控制

控制

N

352

352

352

调整的R²

0.288

0.303

0.300

F

11.163^***

10.516^***

10.418^***