模型

(3-2-1)

ROA

F.ROA

F2.ROA

DRS

−0.058***

−0.075***

−0.071***

(−4.049)

(−4.915)

(−5.164)

AGE

−0.001

−0.002

−0.002

(−0.611)

(−1.268)

(−1.579)

SIZE

0.012**

0.005

0.001

(2.121)

(0.729)

(0.221)

MR

−0.099*

−0.016

−0.024

(−1.913)

(−0.333)

(−0.417)

TOP

0.001*

0.00100

0.001**

(1.783)

(1.637)

(2.183)

FREE

0.027***

0.0130

0.0110

(5.346)

(1.040)

(0.701)

YEAR

控制

控制

控制

cons

−0.222**

−0.103

−0.0130

(−2.032)

(−0.811)

(−0.111)

N

450

450

450

Prob>chi2

0.000

0.000

0.000

R-square

0.316

0.231

0.224

Adjusted R-square

0.289

0.200

0.193