|
| (1) 未加入控制变量 | (2) 控制年度和个体 |
| VARIABLES | TobinQ | TobinQ |
| Fin | −5.415** | −4.030* |
|
| (−2.39) | (−1.83) |
| lev |
| 2.870*** |
|
|
| (2.64) |
| SIZE |
| 5.782*** |
|
|
| (4.01) |
| Age |
| 0.114 |
|
|
| (0.17) |
| Fixed |
| −2.739*** |
|
|
| (−2.93) |
| Growth |
| −0.007** |
|
|
| (−2.28) |
| Sus |
| −0.426 |
|
|
| (−0.31) |
| Constant | 7.115*** | −23.177* |
|
| (11.48) | (−1.70) |
| 年份固定效应 |
| YES |
| 个体固定效应 |
| YES |
| Observations | 1456 | 1456 |
| Number of id | 208 | 208 |
| R-squared | 0.005 | 0.115 |
| F test | 0.0170 | 0 |
| r2_a | −0.161 | −0.0421 |
| F | 5.715 | 12.40 |