国有企业

非国有企业

变量

Apply (1)

Grant (2)

Apply (3)

Grant (4)

Digital

0.140^***

0.128^***

0.153^***

0.140^***

(10.60)

(10.31)

(19.49)

(18.82)

Lev

−0.405^***

−0.370^***

0.156^***

0.172^***

(−4.71)

(−4.57)

(2.70)

(3.14)

Age

−0.004

−0.008

−0.051^***

−0.018^*

(−0.21)

(−0.43)

(−4.53)

(−1.71)

Size

0.726^***

0.678^***

0.628^***

0.577^***

(49.50)

(49.06)

(54.74)

(52.81)

Cashflow

−0.143

−0.184

0.531^***

0.863^***

(−0.66)

(−0.89)

(3.73)

(6.36)

Board

0.017^**

0.019^***

0.013^**

0.013^**

(2.17)

(2.66)

(2.24)

(2.26)

MB

−0.383^***

−0.284^***

−0.454^***

−0.355^***

(−5.18)

(−4.08)

(−9.20)

(−7.55)

ROA

0.331

−0.011

0.582^***

0.053

(1.12)

(−0.04)

(3.66)

(0.35)

Constant

−14.808^***

−13.982^***

−12.066^***

−11.296^***

(−47.15)

(−47.21)

(−45.57)

(−44.72)

Year/Industry

Yes

Yes

Yes

Yes

N

9,953

9,953

21,174

21,174

R²

0.611

0.621

0.432

0.439

Adj_R²

0.607

0.618

0.430

0.437