| 变量 | (1) |
| UP1 | |
| Ave_RD | 4.553*** |
| (3.192) | |
| UW1 | 0.155 |
| (0.751) | |
| Ave_RD*UW1 | −3.125** |
| (−2.083) | |
| Turnover | 0.073*** |
| (6.574) | |
| Pe | −0.003** |
| (−2.370) | |
| Size | 0.298* |
| (1.923) | |
| Fee | 0.075*** |
| (3.434) | |
| Lotrate | −0.906 |
| (−0.122) | |
| ROE | −0.009 |
| (−1.121) | |
| Asset | 0.111 |
| (0.820) | |
| Dual | −0.162 |
| (−1.238) | |
| Lev | −0.007 |
| (−1.588) | |
| VC | −0.195 |
| (−1.064) | |
| VCrate | 0.014* |
| (1.839) | |
| 常数 | −7.683*** |
| (−4.120) | |
| 时间 | 控制 |
| N | 352 |
| 调整的R2 | 0.296 |
| F | 10.211*** |