债务融资成本

股权融资成本

(1)

(2)

(3)

(4)

(5)

(6)

OLS

FE

GMM

OLS

FE

GMM

EP

0.041

0.100^*

0.921

0.129^***

0.079^***

0.053^***

(1.07)

(1.74)

(0.29)

(9.30)

(6.31)

(3.71)

EPsq

−0.049

−0.103^*

−1.172

−0.091^***

−0.052^***

−0.033^**

(−1.30)

(−1.90)

(−0.37)

(−6.77)

(−4.41)

(−2.51)

scale

0.008^**

−0.008

0.101

0.016^***

0.007^***

0.005

(2.26)

(−0.81)

(0.35)

(12.42)

(2.66)

(0.97)

fl

0.001^***

−0.000

−0.003

−0.000^**

−0.000

0.000

(2.63)

(−0.39)

(−0.60)

(−2.02)

(−0.52)

(0.12)

prof

−0.002^**

−0.002^***

−0.003

0.000^***

0.000^***

0.000^*

(−2.53)

(−2.64)

(−0.73)

(3.47)

(3.27)

(1.66)

Grow

0.000

0.000^**

−0.001

0.000^**

0.000^**

0.000

(1.63)

(2.14)

(−0.29)

(2.48)

(2.37)

(1.56)

lpr

−0.000

−0.000

−0.143

(−0.10)

(−0.03)

(−0.39)

L.DFC

−0.322

(−1.15)