| 大型企业 | 中小型企业 | 大型企业 | 中小型企业 |
| (1) | (2) | (3) | (4) |
| TobinQ | TobinQ | ROA | ROA |
DT | 0.899*** | 0.746*** | 0.013*** | 0.005 |
| (5.930) | (6.957) | (3.005) | (1.614) |
Size | −0.044*** | −0.469*** | 0.005*** | 0.005*** |
| (−2.646) | (−16.200) | (10.198) | (6.086) |
Lev | −1.735*** | −0.590*** | −0.117*** | −0.092*** |
| (−18.618) | (−6.239) | (−40.802) | (−35.335) |
Growth | 0.427*** | 0.520*** | 0.019*** | 0.031*** |
| (9.937) | (10.735) | (12.425) | (18.335) |
Age | 0.164*** | 0.180*** | 0.008*** | 0.004*** |
| (3.593) | (4.574) | (5.368) | (3.456) |
Indep | 0.475** | 0.363 | −0.010 | −0.013* |
| (1.996) | (1.514) | (−1.276) | (−1.871) |
Top10 | 0.383*** | −1.476*** | 0.036*** | 0.059*** |
| (4.335) | (−14.531) | (13.075) | (19.580) |
State | −0.086*** | 0.245*** | −0.009*** | −0.003*** |
| (−3.133) | (6.454) | (−9.481) | (−2.782) |
_cons | 2.670*** | 12.445*** | −0.060*** | −0.067*** |
| (7.000) | (19.408) | (−5.032) | (−3.692) |
Obs. | 6099 | 7604 | 6099 | 7604 |
R-squared | 0.117 | 0.106 | 0.316 | 0.263 |