变量

模型(1)

ROA

模型(2)

ROA

模型(3)

GI

模型(4)

GI

模型(5)

ROA

模型(6)

ROA

Pay

0.017^***

0.054^***

0.016^***

(18.20)

(5.54)

(18.00)

Sto

0.045^***

0.246^***

0.044^***

(17.07)

(8.51)

(16.79)

GI

0.003^***

0.003^***

(4.78)

(4.65)

Size

0.007^***

0.015^***

0.151^***

0.179^***

0.007^***

0.014^***

(13.06)

(28.71)

(20.52)

(25.45)

(11.98)

(26.64)

Lev

−0.172^***

−0.177^***

0.260^***

0.252^***

−0.173^***

−0.178^***

(−49.50)

(−51.70)

(8.16)

(7.99)

(−49.69)

(−51.89)

Growth

0.065^***

0.065^***

−0.041^**

−0.043^***

0.065^***

0.065^***

(29.73)

(30.00)

(−2.56)

(−2.73)

(29.81)

(30.07)

Top1

0.073^***

0.069^***

−0.017

−0.038

0.073^***

0.069^***

(21.92)

(20.64)

(−0.43)

(−0.94)

(21.95)

(20.68)

Constant

2.807^***

−0.164

31.544^***

21.009^***

2.711^***

−0.227

(5.19)

(−0.31)

(5.00)

(3.45)

(5.02)

(−0.43)

State

Controlled

Year

Controlled

N

14,942

14,942

14,942

14,942

14,942

14,942

R²

0.336

0.330

0.108

0.110

0.337

0.330

F值

664.0

679.9

139.0

139.8

583.4

596.4