| 变量 | 被解释变量：ETRDt+1 | ||
| (1) | (2) | (3) | |
| Before2 | 0.010 | 0.028 | 0.027 |
|
| (0.05) | (0.05) | (0.05) |
| Before1 | 0.034 | 0.060 | 0.060 |
|
| (0.05) | (0.05) | (0.05) |
| Post | 0.076 | 0.098** | 0.097** |
|
| (0.05) | (0.05) | (0.05) |
| Post1 | 0.065 | 0.095** | 0.095** |
|
| (0.05) | (0.05) | (0.05) |
| Post2 | 0.065 | 0.095** | 0.095** |
|
| (0.05) | (0.05) | (0.05) |
| Post3_ | 0.113*** | 0.154*** | 0.154*** |
|
| (0.04) | (0.04) | (0.04) |
| HSR | −0.115* | −0.129** | −0.129** |
|
| (0.06) | (0.06) | (0.06) |
| Size |
| 0.066*** | 0.067*** |
|
|
| (0.01) | (0.01) |
| Independent |
| 0.133 | 0.129 |
|
|
| (0.22) | (0.22) |
| Lev |
| 0.085*** | −1.049*** |
|
|
| (0.02) | (0.06) |
| ROA |
| −1.037*** | 1.868*** |
|
|
| (0.06) | (0.17) |
| Inventory |
| 1.845*** | 0.594*** |
|
|
| (0.17) | (0.10) |
| PPE |
| 0.553*** | −0.291*** |
|
|
| (0.10) | (0.08) |
| Board |
| −0.299*** | −0.111* |
|
|
| (0.08) | (0.06) |
| soe |
| −0.109* | 0.086*** |
|
|
| (0.06) | (0.02) |
| age |
| 0.006*** | 0.006*** |
|
|
| (0.00) | (0.00) |
| INTAN |
|
| 0.512** |
|
|
|
| (0.20) |
| 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 | 1.347*** | 0.309 | 0.264 |
|
| (0.05) | (0.26) | (0.26) |
| Observations | 18,746 | 18,746 | 18,746 |
| R-squared | 0.068 | 0.107 | 0.107 |