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