| VARIABLES | Z |
| Dt | 0.860*** (0.265) |
| Dt2 | −0.215*** (0.065) |
| Roe | −21.53*** (4.834) |
| Gro | 0.032 (0.244) |
| qu | −0.398 (0.356) |
| Sum | 0.020 (0.008) |
| Board | 0.117 (0.062) |
| Mshare | −0.005 (0.021) |
| Constant | −3.997 (1.015) |
| 个体效应 | Yes |
| 时间效应 | Yes |
| 样本量 | 453 |
| R2 | 0.329 |