模型(1)

模型(2)

模型(3)

模型(4-1)

模型(4-2)

Tobin’Q

Lev

Stdr

Tobin’Q

Tobin’Q

常数项

14.914^**

−0.845^***

−0.198^***

14.347^***

15.035^***

(41.776)

(−16.422)

(−4.304)

(39.633)

(42.592)

Con

−1.789^***

−0.363^***

−0.475^***

−2.513^***

−2.632^***

(−3.259)

(−5.338)

(−6.690)

(−3.699)

(−4.892)

Con²

1.842^***

0.265^***

0.408^***

2.325^***

2.521^***

(3.502)

(4.077)

(6.002)

(4.595)

(4.886)

Lev

−5.697^***

(−17.211)

Lev²

4.212^***

(12.388)

Stdr

−3.956^***

(−11.635)

Stdr²

3.046^***

(7.596)

Size

−0.543^***

0.049^***

0.024^***

−0.487^***

−0.558^***

(−41.769)

(24.500)

(12.004)

(−34.786)

(−42.923)

Grow

0.058^***

0.023^***

(8.286)

(3.286)

Tang

0.138^***

0.067^***

(12.545)

(5.583)

State

−0.154^***

−0.183^***

−0.176^***

(−4.813)

(−5.903)

(−5.534)

Roa

10.884^***

−1.347^***

−0.876^***

8.712^***

9.574^***

(35.338)

(−35.447)

(−21.901)

(26.480)

(30.297)

Top10

1.496^***

1.013^***

1.035^***

(14.812)

(10.443)

(10.455)

Liqu

−0.032^***

−0.022^***

(−32.000)

(−22.002)

年度

Yes

Yes

Yes

Yes

Yes

行业

Yes

Yes

Yes

Yes

Yes

样本数

9990

9990

9990

9990

9990

Adjusted−R²

0.578

0.577

0.386

0.584

0.569

F−value

7.346^***

7.320^***

4.379^***

8.382^***

7.843^***