(1)

(2)

(3)

变量

GRNS

FF

GRNS

FF

0.604^**

(2.33)

AGS0

−2.957^*

−0.359^**

−2.740^*

(−1.88)

(−2.55)

(−1.75)

Lev

1.758^***

−0.567^***

2.100^***

(8.60)

(−30.85)

(8.35)

Growth

−0.097^**

−0.002

−0.096^**

(−2.47)

(−0.45)

(−2.45)

SOE

0.179^**

0.003

0.177^**

(2.31)

(0.50)

(2.28)

Indepratio

0.005

0.002^***

0.004

(0.80)

(3.57)

(0.60)

pay

0.383^***

−0.021^***

0.395^***

(7.46)

(−4.49)

(7.67)

size

0.269^***

0.003^*

0.267^***

(12.83)

(1.80)

(12.74)

Bsize

0.030

0.011^***

0.024

(1.43)

(5.55)

(1.12)

Cash

2.514^***

0.189^***

2.400^***

(5.73)

(4.80)

(5.45)

Constant

−3.549^***

0.407^***

−3.795^***

(−3.24)

(4.14)

(−3.46)

Year

yes

yes

yes

Industry

yes

yes

yes

Observations

1871

1871

1871

R-squared

0.352

0.426

0.354