(1)

(2)

(3)

(4)

(5)

(6)

(7)

model 1

model 2

model 3

mode1 4

model 5

model 6

model 7

s

0.020^***

0.019^***

0.039^***

0.045^***

0.025^***

0.023^***

0.024^***

(7.54)

(7.24)

(17.07)

(17.19)

(10.56)

(9.51)

(9.43)

LEV

−0.036^***

−0.035^***

−0.027^***

−0.020^***

−0.020^***

−0.019^***

(−16.44)

(−19.08)

(−11.78)

(−9.11)

(−9.02)

(−8.45)

size

−0.148^***

−0.148^***

−0.125^***

−0.119^***

−0.120^***

(−63.33)

(−63.60)

(−53.08)

(−48.23)

(−48.03)

ROA

0.045^***

0.045^***

0.040^***

0.048^***

(6.68)

(6.84)

(6.16)

(6.80)

LIQU

0.022^***

0.021^***

0.021^***

(31.74)

(28.93)

(28.75)

liva

−0.365^***

−0.341^***

−0.336^***

(−17.68)

(−16.39)

(−15.98)

top10

0.002^***

0.002^***

(12.45)

(12.15)

个体固定效应

时间固定效应

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

_cons

0.620^***

0.635^***

3.847^***

3.855^***

3.355^***

3.127^***

3.157^***

(156.41)

(156.83)

(75.63)

(75.84)

(65.62)

(58.16)

(57.68)

N

25073

25071

25071

25071

25070

24612

24269

R²

0.002

0.013

0.149

0.151

0.203

0.211

0.212

Adj. R²

0.00

0.01

0.15

0.15

0.20

0.21

0.21