变量

(1)

Tobin Q

(2)

Tobin Q

(3)

Tobin Q

(4)

Tobin Q

(5)

Tobin Q

FINTECH

0.1477^***

(7.52)

0.1023^***

(3.20)

0.1173^***

(6.15)

L1FIN

0.1295^***

(6.45)

L2FIN

0.1341^***

(6.19)

LEV

−1.3508^***

(−11.29)

−0.7169^***

(−5.18)

−0.9476^***

(−7.26)

−1.1293^***

(−8.93)

−1.1957^***

(−8.70)

SIZE

−0.6089^***

(−10.04)

−0.6753^***

(−10.24)

−0.4990^***

(−8.55)

−0.3633^***

(−5.80)

−0.3179^***

(−4.74)

IND

1.0065^***

(2.94)

0.9633^**

(2.44)

1.0078^***

(3.32)

0.7771^**

(2.52)

0.7380^**

(2.28)

OPIN

0.2515^***

(3.94)

0.4032^***

(4.33)

0.1924^***

(3.47)

0.1195^*

(1.90)

−0.0468

(−0.49)

GRO

0.0007

(0.427)

0.0010

(1.14)

0.0004

(0.50)

−0.0007

(−0.96)

−0.0013^*

(−1.68)

NPR

0.0152^***

(4.31)

0.0151^***

(5.58)

0.0127^***

(4.23)

0.0039

(1.30)

0.0005

(0.20)

常数项

7.4763^***

(12.76)

7.8517^***

(12.66)

5.3558^***

(9.78)

4.3369^***

(7.40)

4.1468^***

(6.65)

时间

固定

固定

固定

行业

固定

固定

固定

N

3561

3561

3561

3157

2752

R-squared

0.1496

0.1163

0.3723

0.3764

0.3798