模型变量

(1) div

(2) div

(3) div

lev

−0.201^***

−0.169^***

(−12.76)

(−7.37)

Z5

0.008

(0.90)

lev*Z5

−0.043^**

(−1.98)

roe

0.029

−0.037

−0.039

(0.84)

(−1.07)

(−1.14)

state

−0.040^***

−0.038^***

−0.040^***

(−7.01)

(−6.65)

(−6.97)

investment chance

−0.250^***

−0.193^***

−0.192^***

(−4.75)

(−3.69)

(−3.66)

growth

−0.098^***

−0.085^***

−0.084^***

(−13.04)

(−11.26)

(−11.13)

size

−0.010^***

0.007^***

0.006^**

(−4.68)

(2.67)

(2.56)

age

0.001^**

0.001^**

0.001^**

(2.15)

(2.03)

(2.00)

Constant

0.569^***

0.281^***

0.279^***

(12.37)

(5.54)

(5.45)

N

7722

7722

7722

R-squared

0.037

0.057

0.058

r2_a

0.0361

0.0559

0.0566

F

49.18

66.30

52.48