(1)

(2)

(3)

(4)

变量

Apply

Apply

Grant

Grant

Digital

0.268^***

0.137^***

0.249^***

0.125^***

(34.90)

(20.45)

(34.27)

(19.60)

Lev

−0.299^***

−0.287^***

(−6.13)

(−6.19)

Age

−0.049^***

−0.024^***

(−5.26)

(−2.69)

Size

0.693^***

0.646^***

(78.91)

(77.46)

Cashflow

−0.049

0.178

(−0.41)

(1.56)

CI

−0.091^***

−0.092^***

(−21.66)

(−23.10)

Board

0.017^***

0.017^***

(3.57)

(3.79)

MB

−0.463^***

−0.373^***

(−11.47)

(−9.75)

ROA

−0.156

−0.671^***

(−1.10)

(−4.98)

SOE

0.122^***

0.086^***

(6.56)

(4.90)

Constant

2.015^***

−12.514^***

1.876^***

−11.710^***

(63.31)

(−75.69)

(62.17)

(−74.61)

Year/Industry

Yes

Yes

Yes

Yes

N

31,127

31,127

31,127

31,127

R²

0.319

0.501

0.333

0.510

Adj_R²

0.317

0.500

0.331

0.509