(1)

(2)

AD低于行业均值

AD高于行业均值

RD

RD

AD

0.833^***

−0.0528

(5.37)

(−0.29)

_CONS

3.227^***

2.832^***

(4.44)

(5.06)

CONTROLS

YES

YES

YEAR

YES

YES

IND

YES

YES

N

7242

10,976

R²

0.398

0.537

F

42.49

127.3