| VARIABLES | 被解释变量：ETRDt+1 | |||
| (1) | (2) | (3) | (4) | |
| HSR_After | −0.069** | −0.091*** | −0.094*** | −0.094*** |
|
| (0.03) | (0.03) | (0.03) | (0.03) |
| HSR | 0.119** | 0.104* | 0.107* | 0.111** |
|
| (0.06) | (0.06) | (0.06) | (0.06) |
| Lev |
| 1.351*** | 1.137*** | 1.254*** |
|
|
| (0.05) | (0.05) | (0.06) |
| Board |
| −0.097* | −0.078 | 0.031 |
|
|
| (0.05) | (0.06) | (0.06) |
| PPE |
| 0.436*** | 0.212*** | 0.235*** |
|
|
| (0.07) | (0.08) | (0.08) |
| ROA |
|
| −2.470*** | −2.302*** |
|
|
|
| (0.17) | (0.17) |
| Inventory |
|
| −0.697*** | −0.696*** |
|
|
|
| (0.10) | (0.10) |
| Independent |
|
| −0.354 | −0.193 |
|
|
|
| (0.22) | (0.22) |
| Size |
|
|
| −0.052*** |
|
|
|
|
| (0.01) |
| soe |
|
|
| −0.086*** |
|
|
|
|
| (0.03) |
| INTAN |
|
|
| −0.309 |
|
|
|
|
| (0.20) |
| age |
|
|
| 0.005** |
|
|
|
|
| (0.00) |
| Constant | 0.692*** | 0.229* | 0.662*** | 1.408*** |
|
| (0.05) | (0.12) | (0.19) | (0.27) |
| 年份固定效应 | 控制 | 控制 | 控制 | 控制 |
| 行业固定效应 | 控制 | 控制 | 控制 | 控制 |
| 省份固定效应 | 控制 | 控制 | 控制 | 控制 |
| Observations | 19,074 | 19,074 | 19,074 | 19,074 |
| R-squared | 0.071 | 0.110 | 0.123 | 0.125 |