国有

非国有

国有

非国有

(1)

(2)

(3)

(4)

TobinQ

TobinQ

ROA

ROA

DT

1.294***

0.689***

0.006

0.007**

(6.892)

(6.916)

(1.438)

(2.565)

Size

−0.219***

−0.125***

0.004***

0.008***

(−11.763)

(−8.423)

(7.967)

(20.916)

Lev

−1.508***

−1.051***

−0.098***

−0.106***

(−12.846)

(−12.392)

(−27.440)

(−46.065)

Growth

0.160***

0.554***

0.017***

0.028***

(3.017)

(14.388)

(7.428)

(20.671)

Age

0.118*

0.211***

0.007***

0.005***

(1.880)

(6.125)

(3.375)

(5.046)

Indep

0.584*

0.575***

−0.008

−0.014**

(1.907)

(2.780)

(−0.754)

(−2.239)

Top10

0.424***

−0.625***

0.028***

0.053***

(3.273)

(−7.968)

(6.692)

(23.194)

State

−

−

−

−

−

−

−

−

_cons

6.679***

4.581***

−0.048***

−0.127***

(15.702)

(13.369)

(−3.935)

(−14.264)

Obs.

3213

10490

3213

10490

R-squared

0.210

0.077

0.251

0.272