(1)

(2)

(3)

(4)

(5)

(6)

变量

RD1

RD1

RD2

RD2

RD3

RD3

Soe = 1

Soe = 0

Soe = 1

Soe = 0

Soe = 1

Soe = 0

常数项

0.995***

0.147

0.125***

0.114***

0.082***

0.050***

(2.864)

(0.193)

(12.940)

(10.097)

(18.706)

(7.980)

Academic

0.460***

0.661***

0.013***

0.019***

0.006***

0.009***

(22.116)

(12.186)

(21.833)

(23.299)

(24.085)

(19.828)

Size

0.684***

0.650***

−0.005***

−0.004***

−0.004***

−0.003***

(63.338)

(33.030)

(−17.013)

(−13.198)

(−28.087)

(−18.313)

Lev

−0.327***

−0.460***

−0.035***

−0.015***

0.000

−0.002**

(−5.949)

(−4.507)

(−22.944)

(−9.877)

(0.663)

(−2.465)

ROA

2.326***

1.720***

−0.036***

−0.007

0.039***

0.021***

(14.927)

(4.973)

(−8.279)

(−1.398)

(19.697)

(7.568)

Growth

0.004

0.086*

−0.002***

−0.000

−0.000

0.001*

(0.151)

(1.695)

(−2.649)

(−0.333)

(−0.987)

(1.760)

Board

0.047

0.117

−0.001

0.000

−0.000

0.002*

(0.815)

(1.156)

(−0.835)

(0.306)

(−0.405)

(1.900)

Indep

−0.414**

−0.461

0.013**

−0.007

−0.002

−0.002

(−2.061)

(−1.286)

(2.273)

(−1.328)

(−0.918)

(−0.739)

FirmAge

−0.352***

−0.476***

−0.008***

−0.011***

−0.003***

−0.005***

(−14.454)

(−7.244)

(−11.608)

(−11.202)

(−9.692)

(−10.057)

Age

0.000

0.492***

0.001

0.000

0.000

0.005***

(0.004)

(3.131)

(0.572)

(0.045)

(0.135)

(4.261)

Gender

0.100***

−0.205**

0.002*

−0.004***

0.002***

−0.000

(2.902)

(−2.287)

(1.845)

(−2.853)

(3.750)

(−0.072)

Degree

0.074***

0.037

0.004***

0.001***

0.001***

0.001***

(8.053)

(1.561)

(13.831)

(4.205)

(10.291)

(3.463)

Site

0.132***

0.147***

0.003***

0.002***

0.002***

0.001***

(12.693)

(9.260)

(8.992)

(7.173)

(12.794)

(7.087)

Ind/Year

控制

控制

控制

控制

控制

控制

Adjusted R-squared

0.454

0.405

0.302

0.362

0.280

0.345

F

229.1

86.80

119.7

72.63

107.3

67.31

N

11232

4916

11232

4916

11232

4916

系数差异

−0.201***

−0.006***

−0.003***

Chi2

20.08

20.68

14.27

P-Value

0.0000

0.0000

0.0002