模型(1)

模型(2)

模型(3)

模型(4-1)

模型(4-2)

EPS

Lev

Stdr

EPS

EPS

常数项

−2.896^***

−1.013^***

−0.304^***

−2.765^***

−2.811^***

(−13.969)

(−15.390)

(−4.253)

(−12.832)

(−13.557)

Con

−0.427^*

−0.123^**

−0.167^**

−0.373

−0.359

(−1.839)

(−2.057)

(−2.516)

(−1.615)

(−1.552)

Con²

0.419^*

0.115^**

0.160^***

0.375^*

0.357^*

(1.956)

(2.109)

(2.645)

(1.757)

(1.672)

Lev

0.719^***

(4.301)

Lev²

−0.509^***

(−2.928)

Stdr

0.294^*

(1.848)

Stdr²

−0.051

(−0.270)

Size

0.133^***

0.064^***

0.027^***

0.117^***

0.124^***

(16.070)

(24.880)

(9.598)

(13.075)

(14.921)

Grow

0.023^***

0.018^***

(5.828)

(3.942)

Tang

0.146^***

0.118^***

(12.117)

(8.882)

State

0.040^**

0.042^**

0.040^**

(1.998)

(2.103)

(2.003)

Roa

7.533^***

−0.660^***

−0.433^***

7.724^***

7.671^***

(58.857)

(−20.563)

(−12.097)

(57.570)

(58.975)

Top10

0.139^**

0.164^***

0.152^***

(2.446)

(2.908)

(2.692)

Liqu

−0.004^***

−0.004^***

(−11.843)

(−12.367)

年度

Yes

Yes

Yes

Yes

Yes

行业

Yes

Yes

Yes

Yes

Yes

样本数

4444

4444

4444

4444

4444

Adjusted-R²

0.518

0.292

0.152

0.522

0.522

F-value

217.978^***

80.548^***

35.733^***

203.497^***

202.981^***