变量滞后

IV法

VARIABLES

Z

Dt

Dt²

Z

L.Dt

0.860^***

(0.301)

4.200^***

(1.516)

L.Dt²

−0.196^***

(0.070)

−1.487^***

(0.452)

iv1

dta3

−0.001

(0.000)

−0.004^***

(0.001)

iv2

dta12

0.008^***

(0.002)

0.032^***

(0.006)

Roe

−16.038^***

(3.860)

−0.095

(1.458)

3.187

(5.041)

−10.865^**

(5.134)

Gro

0.005

(0.250)

−0.058

(0.101)

−0.210

(0.371)

−0.141

(0.329)

qu

−0.339

(0.294)

−0.055

(0.082)

−0.157

(0.224)

−0.487^**

(0.227)

Sum

0.0119

(0.010)

−0.005

(0.005)

−0.024

(0.015)

−0.002

(0.013)

Board

0.136^**

(0.068)

0.024

(0.036)

0.022

(0.119)

0.087

(0.094)

Mshare

0.008

(0.015)

0.053^***

(0.014)

0.110^***

(0.039)

−0.054

(0.056)

Constant

−4.137^***

(0.891)

1.321^***

(0.402)

4.518^***

(1.375)

−3.435^**

(1.586)

个体效应

Yes

Yes

Yes

Yes

时间效应

Yes

Yes

Yes

Yes

样本量

419

487

487

487

R²

0.305

0.154

0.124

F

7.53

22.10

20.29