(1)

(2)

(3)

变量

GRNS

FF

GRNS

FF

0.607^**

(2.34)

AGS0

−2.597^*

−0.267^**

−2.436^*

(−1.92)

(−2.19)

(−1.80)

Lev

1.755^***

−0.568^***

2.100^***

(8.59)

(−30.87)

(8.34)

Growth

−0.093^**

−0.001

−0.093^**

(−2.38)

(−0.34)

(−2.36)

SOE

0.179^**

0.004

0.177^**

(2.31)

(0.51)

(2.28)

Indepratio

0.005

0.002^***

0.004

(0.79)

(3.56)

(0.59)

pay

0.381^***

−0.021^***

0.394^***

(7.43)

(−4.51)

(7.64)

size

0.269^***

0.003^*

0.267^***

(12.83)

(1.81)

(12.74)

Bsize

0.030

0.011^***

0.024

(1.43)

(5.54)

(1.12)

Cash

2.475^***

0.181^***

2.365^***

(5.73)

(4.64)

(5.45)

Constant

−3.527^***

0.408^***

−3.774^***

(−3.22)

(4.15)

(−3.44)

Year

yes

yes

yes

Industry

yes

yes

yes

Observations

1871

1871

1871

R-squared

0.352

0.425

0.354