| 变量 | (1) |
| DA | |
| DCG | −0.0018*** |
|
| (−2.8269) |
| Size | −0.0023*** |
|
| (−3.1611) |
| MB | 0.0066*** |
|
| (12.1347) |
| LEV | 0.0191*** |
|
| (5.3392) |
| Inv&Rec | 0.0099** |
|
| (2.3229) |
| TOP1 | 0.0002*** |
|
| (3.5374) |
| SOE | −0.0046*** |
|
| (−3.3003) |
| Big4 | −0.0036 |
|
| (1.4850) |
| DUAL | 0.0004 |
|
| (0.2309) |
| ROA | −0.0832*** |
|
| (−5.3946) |
| Bind | 0.0004*** |
|
| (2.9969) |
| Growth | 0.0319*** |
|
| (20.6202) |
| Loss | 0.0147*** |
|
| (6.8091) |
| Age | 0.0008*** |
|
| (5.6373) |
| Industry | YES |
| Year | YES |
| _cons | 0.0463** |
|
| (2.4482) |
| N | 13264 |
| Adj. R-Square | 0.1293 |