变量

高持股组

低持股组

高持股组

低持股组

Lnfee

Op

Eu

0.031^***

0.003^*

0.184^***

0.208^***

(0.005)

(0.004)

(0.055)

(0.029)

Size

0.386^***

0.410^***

−0.122

−0.561^***

(0.008)

(0.007)

(0.114)

(0.088)

Lev

−0.090

−0.056

4.214^***

4.373^***

(0.055)

(0.053)

(0.742)

(0.623)

ROA

−0.674^***

−0.944^***

−3.565^***

−6.571^***

(0.115)

(0.131)

(1.168)

(1.197)

CRatio

−0.033^***

0.001

0.089

0.189^***

(0.004)

(0.005)

(0.066)

(0.061)

Loss

0.021

−0.014

1.619^***

0.679^**

(0.025)

(0.024)

(0.278)

(0.266)

Big4

0.603^***

0.631^***

−0.231

−0.313

(0.041)

(0.032)

(0.685)

(0.548)

ArInv

0.033

−0.002

−1.601^**

−1.658^***

(0.045)

(0.046)

(0.747)

(0.597)

State

−0.083^***

−0.142^***

−0.870^**

−1.225^***

(0.021)

(0.014)

(0.349)

(0.191)

Age

0.009^***

0.008^***

0.043^**

0.011

(0.001)

(0.001)

(0.018)

(0.018)

_cons

5.222^***

4.845^***

−3.526

7.140^***

(0.169)

(0.149)

(2.522)

(1.946)

year/ind

control

control

control

control

N

5206

5204

4916

5073

Pseudo R2

0.597

0.675

0.301

0.334