变量

(1)

(2)

(3)

(4)

roa = 0

roa = 1

roa = 0

roa = 1

UP₁

UP₁

UP₁

UP₁

Ave_RD

9.139^***

−1.340

−19.677^***

7.166

(4.406)

(−0.734)

(−3.173)

(1.641)

UW

0.576^*

−0.666^**

(1.892)

(−2.244)

Ave_RD*UW

−7.766^***

3.779

(−3.697)

(1.651)

FR

−0.072

0.241

(−0.258)

(1.011)

Ave_RD*FR

5.239^***

−1.573

(3.549)

(−1.452)

Turnover

0.071^***

0.075^***

0.063^***

0.068^***

(4.069)

(5.184)

(3.567)

(4.760)

Pe

−0.004^**

−0.005^*

−0.001

−0.004

(−2.582)

(−1.712)

(−0.614)

(−1.313)

Size

0.446^*

−0.004

0.352

−0.006

(1.848)

(−0.019)

(1.474)

(−0.031)

Fee

0.080^**

0.047

0.051

0.054

(2.480)

(1.423)

(1.557)

(1.545)

Lotrate

−8.660

34.538

−2.306

47.185^**

(−0.874)

(1.622)

(−0.234)

(2.230)

ROE

−0.010

−0.006

−0.006

−0.004

(−0.401)

(−0.635)

(−0.221)

(−0.425)

Asset

0.139

0.087

0.224

0.037

(0.654)

(0.454)

(0.946)

(0.168)

Dual

0.022

−0.426^***

0.099

−0.395^**

(0.107)

(−2.689)

(0.479)

(−2.485)

Lev

−0.014^*

0.002

−0.011

0.003

(−1.666)

(0.340)

(−1.283)

(0.433)

VC

−0.206

−0.072

−0.242

−0.038

(−0.609)

(−0.359)

(−0.723)

(−0.185)

VCrate

0.014

0.004

0.015

0.002

(1.209)

(0.433)

(1.238)

(0.200)

常数

−8.966^***

−5.467^**

−8.148^**

−6.341^*

(−2.821)

(−2.178)

(−2.090)

(−1.959)

时间

控制

控制

控制

控制

N

176

176

176

176

调整的R²

0.311

0.303

0.319

0.290

F

5.927^***

5.748^***

6.113^***

5.468^***