Variables

所有企业

非国有企业

国有企业

Constant

−0.109

−0.326***

0.256**

(−1.10)

(−2.60)

(2.34)

LnSales

0.974***

0.956***

1.006***

(85.53)

(60.44)

(74.56)

$D_{i,t}\times LnSales$

−0.147***

−0.062**

−0.118***

(0.67)

(0.83)

(−0.18)

$D_{i,t}\times LnSales\times ICQ$

0.062***

0.014**

0.027***

(−0.78)

(−0.95)

(0.28)

ICQ1

0.009*

0.044***

0.023**

(0.88)

(2.64)

(−1.67)

AI

0.007***

0.009**

0.002

(2.58)

(2.41)

(0.58)

ROS

−0.588***

−0.594***

−0.579***

(−11.43)

(−9.23)

(−7.39)

LEV

−0.044

0.008

−0.133**

(−1.57)

(0.24)

(−2.50)

$D_{i,t}\times LnSales\times AI$

−0.001***

−0.002***

−0.008***

(−6.56)

(−5.07)

(−3.01)

$D_{i,t}\times LnSales\times ROS$

0.004

0.008

0.040

(0.95)

(1.31)

(0.41)

$D_{i,t}\times LnSales\times LEV$

0.304***

0.521***

0.031

(2.69)

(2.97)

(0.24)

R-squared

0.854

0.843

0.878

industry FE

YES

YES

YES

Year FE

YES

YES

YES

r2_a

0.854

0.842

0.877

F

728.4

.

.

Observations

8,932

5,845

3,087