| VARIABLES | 被解释变量：ETRDt+1 | ||
| (1) | (2) | (3) | |
| HSR * After * (1 − Chengji) | −0.064** | −0.095*** | −0.096*** |
|
| (0.03) | (0.03) | (0.03) |
| HSR * After * Chengji | −0.080 | −0.099* | −0.101* |
|
| (0.05) | (0.05) | (0.05) |
| HSR | 0.110** | 0.102* | 0.103* |
|
| (0.06) | (0.05) | (0.05) |
| Size |
| −0.051*** | −0.052*** |
|
|
| (0.01) | (0.01) |
| Independent |
| −0.191 | −0.190 |
|
|
| (0.22) | (0.22) |
| Lev |
| −0.084*** | 1.255*** |
|
|
| (0.03) | (0.06) |
| ROA |
| 1.248*** | −2.301*** |
|
|
| (0.06) | (0.17) |
| Inventory |
| −2.288*** | −0.694*** |
|
|
| (0.17) | (0.10) |
| PPE |
| −0.668*** | 0.236*** |
|
|
| (0.10) | (0.08) |
| Board |
| 0.241*** | 0.031 |
|
|
| (0.08) | (0.06) |
| soe |
| 0.031 | −0.085*** |
|
|
| (0.06) | (0.03) |
| Age |
| 0.005** | 0.005** |
|
|
| (0.00) | (0.00) |
| INTAN |
|
| 1.410*** |
|
|
|
| (0.27) |
| 年份固定效应 | 控制 | 控制 | 控制 |
| 行业固定效应 | 控制 | 控制 | 控制 |
| 省份固定效应 | 控制 | 控制 | 控制 |
| Constant | 0.693*** | 1.382*** | 1.410*** |
|
| (0.05) | (0.27) | (0.27) |
| Observations | 19,074 | 19,074 | 19,074 |
| R-squared | 0.071 | 0.125 | 0.125 |