(1)

(2)

(3)

公司IPO后第一年

公司IPO后第二年

公司IPO后第三年

LOD1

LOD2

LOD3

experience

0.000031^***

0.000028^***

0.000017

(4.30)

(2.84)

(1.30)

gender

0.011546

0.000158

−0.019504

(0.53)

(0.01)

(−0.56)

edbackground

0.032877^**

−0.011559

−0.011025

(2.08)

(−0.54)

(−0.43)

regisrecord

−0.015490^**

0.000444

−0.019568^*

(−2.44)

(0.05)

(−1.95)

credit

−0.000280

−0.082205

−0.057079

(−0.00)

(−1.00)

(−0.57)

ROE

0.890453^***

1.460267^***

1.819677^***

(5.46)

(6.93)

(9.20)

LnSize

0.033275^**

0.086496^***

0.090673^***

(2.57)

(4.79)

(4.32)

DTAR

−0.093080

−0.414117^***

−0.549187^***

(−1.59)

(−5.43)

(−6.00)

AT

0.000072

0.023197

0.033880

(0.00)

(0.73)

(0.89)

RG

0.078432^**

−0.052955

−0.003083

(2.26)

(−1.30)

(−0.10)

Audit

−0.072252

−1.117390^***

−0.280405^**

(−0.28)

(−6.65)

(−2.34)

Cons

2.379262^***

2.060852^***

2.108851^***

(15.79)

(9.67)

(8.45)

R²

0.047

0.082

0.108

Adj_R²

0.04

0.08

0.10