| (2) 对应假设H2 | (3) 对应假设H3 | (4) 对应假设H4 | (5) 对应假设H5 | (6) 对应假设H6 | (7) 对应假设H7 |
VARIABLES | Spread_w | RD_w | Lead_w | RD_w | Chain_w | RD_w |
PE_w | 0.3820** | 0.1239*** | 8.1492*** | 0.0930** | 46.6424* | 0.1305*** |
| (2.2759) | (2.8355) | (14.0092) | (2.0977) | (1.9407) | (3.5233) |
Spread_w |
| 0.0337* |
|
|
|
|
|
| (1.8941) |
|
|
|
|
Lead_w |
|
|
| 0.0062** |
|
|
|
|
|
| (2.1173) |
|
|
Chain_w |
|
|
|
|
| 0.0003*** |
|
|
|
|
|
| (4.0298) |
Size_w | 1.8677*** | −0.0028 | 1.3577*** | −0.0132 | −169.4290*** | 0.0432** |
| (7.6117) | (−0.1910) | (6.2758) | (−0.9120) | (−18.9557) | (2.3790) |
Age_w | −1.0466 | −0.3156*** | −2.9005*** | −0.2965*** | −18.6512 | −0.3093*** |
| (−1.3445) | (−7.1191) | (−4.2263) | (−6.6088) | (−0.6578) | (−7.1027) |
Debt_w | 7.9885*** | −0.0318 | −1.2205 | −0.0324 | −17.9096 | −0.0349 |
| (5.1332) | (−0.3502) | (−0.8895) | (−0.3678) | (−0.3159) | (−0.4015) |
Top_w | 2.7197 | −0.1894* | −0.0951 | −0.1916* | −30.0476 | −0.1837* |
| (1.4552) | (−1.7789) | (−0.0577) | (−1.8117) | (−0.4414) | (−1.7576) |