|
| 短期金融化 | 长期金融化 |
| VARIABLES | TobinQ | TobinQ |
| STFin |
| −0.441* |
|
|
| (−0.18) |
| LTFin | −8.158** |
|
|
| (−2.56) |
|
| lev | 3.034*** | 2.984*** |
|
| (2.80) | (2.74) |
| SIZE | 5.597*** | 5.648*** |
|
| (3.90) | (3.91) |
| Age | 0.107 | 0.167 |
|
| (0.16) | (0.25) |
| Fixed | −2.562*** | −2.488*** |
|
| (−2.78) | (−2.66) |
| Growth | −0.007** | −0.007** |
|
| (−2.33) | (−2.30) |
| Sus | −0.338 | −0.400 |
|
| (−0.24) | (−0.29) |
| Constant | −23.495* | −25.116* |
|
| (−1.73) | (−1.85) |
| 年份固定效应 | YES | YES |
| 个体固定效应 | YES | YES |
| Number of id | 208 | 208 |
| R-squared | 0.118 | 0.113 |
| F test | 0 | 0 |
| r2_a | 0.394 | 0.449 |
| F | 12.68 | 12.12 |