变量

(1)

(2)

(3)

(5)

(6)

AUP₁

AUP₁

AUP₁

UP₅

UP₅

Ave_RD

1.957^***

4.739^***

−4.839

4.905^***

−7.393^*

(2.817)

(3.442)

(−1.305)

(3.189)

(−1.788)

UW

0.079

0.137

(0.390)

(0.604)

Ave_RD*UW

−3.430^**

−3.574^**

(−2.341)

(−2.183)

FR

0.099

−0.051

(0.566)

(−0.260)

Ave_RD*FR

1.664^*

2.302^**

(1.863)

(2.312)

Turnover

0.074^***

0.075^***

0.067^***

0.077^***

0.071^***

(6.659)

(6.716)

(5.890)

(6.155)

(5.571)

Pe

−0.002^**

−0.002^**

−0.002

−0.002^*

−0.002

(−2.283)

(−2.216)

(−1.371)

(−1.865)

(−1.271)

Size

0.262^*

0.314^**

0.260^*

0.368^**

0.318^*

(1.693)

(2.033)

(1.693)

(2.132)

(1.858)

Fee

0.075^***

0.075^***

0.057^**

0.056^**

0.041

(3.429)

(3.442)

(2.454)

(2.306)

(1.588)

Lotrate

0.323

−0.894

0.669

−4.407

−3.404

(0.043)

(−0.121)

(0.090)

(−0.533)

(−0.411)

ROE

−0.009

−0.008

−0.004

−0.007

−0.005

(−1.140)

(−1.040)

(−0.458)

(−0.807)

(−0.499)

Asset

0.102

0.118

0.198

0.099

0.139

(0.753)

(0.876)

(1.332)

(0.656)

(0.839)

Dual

−0.151

−0.174

−0.140

−0.195

−0.158

(−1.147)

(−1.334)

(−1.070)

(−1.337)

(−1.085)

Lev

−0.007

−0.008^*

−0.008

−0.012^**

−0.010^*

(−1.436)

(−1.803)

(−1.624)

(−2.227)

(−1.925)

VC

−0.187

−0.188

−0.203

−0.109

−0.124

(−1.013)

(−1.029)

(−1.112)

(−0.533)

(−0.609)

VCrate

0.013^*

0.013^*

0.013^*

0.015^*

0.015^*

(1.695)

(1.756)

(1.757)

(1.753)

(1.759)

常数

−7.256^***

−7.954^***

−8.243^***

−8.128^***

−7.442^***

(−3.894)

(−4.266)

(−3.688)

(−3.901)

(−2.988)

时间

控制

控制

控制

控制

控制

N

352

352

352

352

352

调整的R²

0.288

0.302

0.300

0.241

0.241

F

11.138^***

10.512^***

10.382^***

7.947^***

7.981^***