(1)

(2)

变量

EPI

EPI

CPR

−0.060**

(−2.16)

−0.089***

(−3.11)

DEVE

−0.018**

(−1.99)

−0.019**

(−2.13)

SIZE

0.627***

(23.71)

0.641***

(21.46)

ROA

1.220***

(3.10)

1.006***

(2.58)

TOP1

0.004**

(2.02)

0.001

(0.51)

DFL

1.261***

(7.38)

0.844***

(4.68)

DUALITY

0.362***

(5.10)

0.265***

(3.76)

Constant

1.292**

(2.33)

0.910

(1.37)

Industry

No

Yes

Year

No

Yes

Observations

2584

2584

R−squared

0.293

0.354