变量

模型1

模型2

模型3

ln_sqi_gzlhj

KZ

ln_sqi_gzlhj

Suc

−0.0711^***

−0.0872^***

−0.0721^***

(0.0128)

(0.0293)

(0.0128)

KZ

−0.0116^***

(0.0039)

Size

0.1070^***

−0.1530^***

0.1050^***

(0.0077)

(0.0176)

(0.0077)

Fage

−0.1820^***

0.0398

−0.1820^***

(0.0266)

(0.0609)

(0.0266)

TobinQ

0.0050

0.3410^***

0.0089

(0.0058)

(0.0133)

(0.0060)

LEV

0.1870^***

6.3030^***

0.2600^***

(0.0413)

(0.0946)

(0.0479)

ROA

0.6960^***

−11.7700^***

0.5600^***

(0.1070)

(0.2460)

(0.1170)

Dual

−0.0002

−0.0271

−0.0005

(0.0124)

(0.0285)

(0.0124)

Top1

0.0001

−0.0073^***

2.52e−05

(0.0005)

(0.0010)

(0.0005)

Year

控制

控制

控制

Ind

控制

控制

控制

Constant

−1.8380^***

1.7140^***

−1.8190^***

(0.1980)

(0.4530)

(0.1980)

Observations

12,848

12,848

12,848

R-squared

0.127

0.538

0.128