变量

模型10

模型11

模型12

模型13

ln_sqi_gfmzl

ln_sqi_gsyzl

ln_sqi_gzlhj

Suc

−0.0985^***

−0.0511^***

−0.0791^***

−0.0408^*

(−5.3975)

(−2.8259)

(−5.3592)

(−1.9062)

Size

0.1804^***

0.1433^***

0.1345^***

0.0515^***

(16.4236)

(13.1568)

(14.9026)

(3.9429)

Fage

−0.1665^***

−0.2015^***

−0.0768^**

−0.5161^***

(−4.3915)

(−5.3634)

(−2.4637)

(−10.1859)

TobinQ

0.0217^***

0.0154^*

0.0074

−0.0042

(2.6148)

(1.8750)

(1.0629)

(−0.4684)

LEV

0.2322^***

0.3288^***

0.2714^***

0.0012

(3.9434)

(5.6335)

(5.4906)

(0.0199)

ROA

0.7989^***

0.7917^***

0.7150^***

0.4478^***

(5.2165)

(5.2157)

(5.5547)

(2.8718)

Dual

0.0396^**

−0.0154

0.0116

−0.0521^**

(2.2278)

(−0.8772)

(0.8160)

(−2.3999)

Top1

0.0003

0.0012^*

0.0004

−0.0018^**

(0.4113)

(1.8546)

(0.8167)

(−2.3895)

_cons

−3.8474^***

−2.9469^***

−2.8430^***

0.6304^**

(−13.6418)

(−10.5424)

(−11.9594)

(2.0158)

N

12848

12848

10583

2265

R²

0.083

0.099

0.137

0.130

adj. R²

0.080

0.096

0.133

0.114