(1)

(2)

变量

EPI

EPI

CPR

−0.171*

(−1.89)

−0.237***

(−2.62)

DEVE

−0.018**

(−1.99)

−0.019**

(−2.12)

SIZE

0.623***

(23.66)

0.631***

(21.35)

ROA

1.220***

(3.10)

1.020***

(2.61)

TOP1

0.004*

(1.94)

0.001

(0.39)

DFL

1.276***

(7.46)

0.869***

(4.83)

DUALITY

0.360***

(5.08)

0.261***

(3.69)

Constant

1.410**

(2.53)

1.164*

(1.75)

Industry

No

Yes

Year

No

Yes

Observations

2584

2584

R−squared

0.293

0.354