基准回归

作用机制：代理成本

作用机制：税费成本

变量

(1)

(2)

(3)

(4)

(5)

(6)

TFP

TFP

AC

TFP

TAX

TFP

DCG

0.054^***

0.017^***

−0.002^***

0.009^***

−0.001^***

0.016^***

(10.55)

(4.28)

(−3.77)

(2.74)

(−3.16)

(4.01)

AC

−4.096^***

(−59.70)

TAX

−0.961^***

(−9.00)

Size

0.499^***

−0.011^***

0.456^***

−0.002^***

0.497^***

(54.84)

(−9.26)

(58.05)

(−2.74)

(54.79)

Age

0.385^***

−0.077^***

0.068

−0.000

0.384^***

(6.77)

(−10.91)

(1.38)

(−0.08)

(6.79)

Lev

0.408^***

−0.046^***

0.217^***

−0.001

0.407^***

(12.40)

(−11.33)

(7.64)

(−0.25)

(12.43)

TobinQ

0.033^***

0.001^***

0.039^***

0.001^***

0.034^***

(9.16)

(3.24)

(12.58)

(3.35)

(9.49)

ROE

0.962^***

−0.111^***

0.507^***

0.020^***

0.981^***

(30.32)

(−28.05)

(17.91)

(6.80)

(30.98)

FIXED

−1.028^***

0.003

−1.016^***

−0.002

−1.030^***

(−22.90)

(0.55)

(−26.32)

(−0.57)

(−23.04)

Constant

8.419^***

−4.007^***

0.578^***

−1.638^***

0.080^***

−3.930^***

(1020.83)

(−15.51)

(17.95)

(−7.26)

(3.34)

(−15.27)

个体固定效应

YES

YES

YES

YES

YES

YES

年度固定效应

YES

YES

YES

YES

YES

YES

Observations

11,220

11,220

11,220

11,220

11,220

11,220

R-squared

0.901

0.941

0.768

0.957

0.616

0.942

Sobel检验

0.007^*** (z = 3.760)

0.001^*** (z = 2.979)

Goodman检验1

0.007^*** (z = 3.760)

0.001^*** (z = 2.962)

Goodman检验2

0.007^*** (z = 3.761)

0.001^*** (z = 2.995)