|
| (1) | (2) | (3) | (4) |
|
|
| Fin |
| Fin |
| PLE_DUM | 0.008*** (0.001) | 0.009*** (0.001) |
|
|
| PLE_RATE |
|
| 0.012*** (0.002) | 0.010*** (0.002) |
| Size |
| −0.011*** (0.001) |
| −0.010*** (0.001) |
| Lev |
| −0.037*** (0.005) |
| −0.039*** (0.005) |
| Top1 |
| −0.000*** (0.000) |
| −0.001*** (0.000) |
| Top2_5 |
| −0.015*** (0.002) |
| −0.015*** (0.002) |
| ROA |
| −0.064*** (0.009) |
| −0.064*** (0.009) |
| BM |
| −0.036*** (0.005) |
| −0.040*** (0.005) |
| Growth |
| −0.001*** (0.000) |
| −0.001*** (0.000) |
| Year | 控制 | 控制 | 控制 | 控制 |
| Industry | 控制 | 控制 | 控制 | 控制 |
| N | 20,721 | 20,721 | 20,721 | 20,721 |
| r2 | 0.081 | 0.108 | 0.080 | 0.106 |