| 变量 | (1) | (2) | (3) |
| DA | ILL | DA | |
| DCG | −0.0018*** | −0.0020*** | −0.0017*** |
|
| (−2.8269) | (−4.8730) | (−2.6679) |
| ILL |
|
| 0.0507*** |
|
|
|
| (3.7283) |
| Control | YES | YES | YES |
|
|
| 中介变量：信息不对称水平 | |
| Sobel检验 |
| −2.961*** | |
|
|
| 机制有效–负向传导 | |
| Ind_eff检验(P-val) |
| 0.012 | |
|
|
| 间接效应存成立 | |
| Industry | YES | YES | YES |
| Year | YES | YES | YES |
| _cons | 0.0463** | 0.6293 | 0.0144 |
|
| (2.4482) | (52.0358) | (0.6942) |
| N | 13264 | 13264 | 13264 |
| Adj. R-Square | 0.1293 | 0.5401 | 0.1302 |