变量	(1)	(2)
变量	$\log (\frac{c o s t_{i, t}}{c o s t_{i, t - 1}})$	$\log (\frac{c o s t_{i, t}}{c o s t_{i, t - 1}})$
截距	0.026^***	0.012^***
截距	(15.07)	(2.82)
$\log (\frac{R e v_{i, t}}{R e v_{i, t - 1}})$	0.651^***	0.656^***
$\log (\frac{R e v_{i, t}}{R e v_{i, t - 1}})$	(50.54)	(51.16)
$D_{i, t} \times \log (\frac{R e v_{i, t}}{R e v_{i, t - 1}})$	−0.411^***	−0.411^***
	(−6.89)	(−6.92)
$D_{i, t} \times \log (\frac{R e v_{i, t}}{R e v_{i, t - 1}}) \times t o p 5_{i, t}$	−0.209^**	−0.195^**
	(−2.04)	(−1.92)
$D_{i, t} \times \log (\frac{R e v_{i, t}}{R e v_{i, t - 1}}) \times R I_{i, t}$	−0.255^***	−0.256^***
	(2.57)	(2.58)
$D_{i, t} \times \log (\frac{R e v_{i, t}}{R e v_{i, t - 1}}) \times l e v_{i, t}$	−0.221^***	−0.204^***
	(−3.02)	(−2.80)
$D_{i, t} \times \log (\frac{R e v_{i, t}}{R e v_{i, t - 1}}) \times A I_{i, t}$	−0.141^**	−0.145^***
	(−7.55)	(−7.79)
$D_{i, t} \times \log (\frac{R e v_{i, t}}{R e v_{i, t - 1}}) \times R O A_{i, t}$	0.184^**	0.206^**
	(1.99)	(2.24)
行业	未控制	已控制
年份	未控制	已控制
N	4326	4326
F	463.05	222.81
调整R²	0.4279	0.4348