模型变量

(1) div

(2) div

(3) div

df

0.306^***

0.246^***

(10.80)

(5.71)

Z5

−0.013^***

(−2.74)

df*Z5

0.073^*

(1.90)

roe

0.029

−0.011

−0.013

(0.84)

(−0.32)

(−0.39)

state

−0.040^***

−0.039^***

−0.042^***

(−7.01)

(−6.86)

(−7.16)

investment chance

−0.250^***

−0.198^***

−0.198^***

(−4.75)

(−3.77)

(−3.77)

growth

−0.098^***

−0.088^***

−0.087^***

(−13.04)

(−11.70)

(−11.61)

size

−0.010^***

0.001

0.000

(−4.68)

(0.24)

(0.15)

age

0.001^**

0.001^*

0.001^*

(2.15)

(1.93)

(1.87)

Constant

0.569^***

0.320^***

0.335^***

(12.37)

(6.25)

(6.52)

N

7722

7722

7722

r2_a

0.0361

0.0503

0.0510

F

49.18

59.44

47.11