(1)

(2)

(3)

VARIABLES

AMI

TobinQ

TobinQ

AMI

1.163^***

(6.37)

Fin

−0.963^***

−4.030^*

−5.195^**

(−2.75)

(−1.83)

(−2.32)

lev

−0.774^***

2.870^***

5.183^***

(−4.48)

(2.64)

(4.66)

SIZE

1.494^***

5.782^***

−1.509

(7.12)

(4.01)

(−1.11)

Age

0.382^***

0.114

−0.670

(3.58)

(0.17)

(−0.98)

Fixed

−0.125

−2.739^***

−5.378^***

(−0.93)

(−2.93)

(−6.24)

Growth

0.000

−0.007^**

−0.005^*

(0.09)

(−2.28)

(−1.65)

Sus

0.186

−0.426

−0.333

(0.82)

(−0.31)

(−0.23)

Constant

−9.818^***

−23.177^*

64.179^***

(−5.84)

(−1.70)

(5.90)

年份固定效应

NO

YES

NO

个体固定效应

NO

YES

NO

Observations

1435

1456

1435

R-squared

0.081

208

0.093

Number of id

208

0.115

208

F test

0

0

0

r2_a

−0.0797

−0.0421

−0.0670

F

15.46

12.40

15.61