(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)