滞后一期

替换被解释变量

重新筛选样本

(1)

(2)

(3)

(4)

(5)

(6)

FINASSET

FIN

PLE_DUM

0.243^***

(0.025)

0.030^***

(0.004)

PLE_RATE

0.011^***

(0.002)

0.270^***

(0.044)

0.032^***

(0.007)

0.010^***

(0.002)

0.005^***

(0.002)

0.005^**

(0.002)

Controls

YES

YES

YES

YES

YES

YES

YES

YES

Year/Industry

YES

YES

YES

YES

YES

YES

YES

YES

N

16,923

19,500

19,500

20,721

20,721

19,500

11,638

11,103

r²

0.105

0.378

0.356

0.089

0.087

0.101

0.112

0.106