变量

替换模型(1)

ROE

替换模型(2)

ROE

替换模型(3)

GI

替换模型(4)

GI

替换模型(5)

ROE

替换模型(6)

ROE

Pay

0.028^***

0.054^***

0.027^***

(16.08)

(5.54)

(15.85)

Sto

0.071^***

0.246^***

0.069^***

(15.48)

(8.51)

(15.10)

GI

0.007^***

0.007^***

(5.80)

(5.71)

Size

0.017^***

0.029^***

0.151^***

0.179^***

0.016^***

0.028^***

(14.60)

(27.08)

(20.52)

(25.45)

(13.45)

(25.28)

Lev

−0.222^***

−0.231^***

0.260^***

0.252^***

−0.224^***

−0.233^***

(−26.63)

(−28.20)

(8.16)

(7.99)

(−26.79)

(−28.36)

Growth

0.120^***

0.121^***

−0.041^**

−0.043^***

0.120^***

0.121^***

(29.44)

(29.68)

(−2.56)

(−2.73)

(29.53)

(29.76)

Top1

0.128^***

0.121^***

−0.017

−0.038

0.128^***

0.122^***

(20.80)

(19.67)

(−0.43)

(−0.94)

(20.83)

(19.73)

Constant

5.598^***

0.721

31.544^***

21.009^***

5.361^***

0.564

(5.51)

(0.72)

(5.00)

(3.45)

(5.29)

(0.56)

State

Controlled

Year

Controlled

N

14,942

14,942

14,942

14,942

14,942

14,942

R²

0.261

0.255

0.108

0.110

0.263

0.256

F值

331.2

323.9

139.0

139.8

292.1

284.9