(1)

(2)

(3)

(4)

(5)

(6)

变量

RD1

RD1

RD2

RD2

RD3

RD3

Dul = 1

Dul = 0

Dul = 1

Dul = 0

Dul = 1

Dul = 0

常数项

0.344

2.164***

0.136***

0.142***

0.080***

0.078***

(0.658)

(5.673)

(8.651)

(17.312)

(11.224)

(20.221)

Academic

0.568***

0.484***

0.016***

0.013***

0.008***

0.006***

(20.842)

(16.816)

(19.490)

(20.360)

(20.956)

(21.136)

Size

0.666***

0.644***

−0.006***

−0.005***

−0.004***

−0.004***

(42.853)

(55.100)

(−11.761)

(−20.153)

(−18.926)

(−29.776)

Lev

−0.239***

−0.428***

−0.031***

−0.029***

0.001

−0.001*

(−3.051)

(−6.993)

(−13.234)

(−21.776)

(1.153)

(−1.935)

ROA

1.935***

2.326***

−0.039***

−0.021***

0.038***

0.033***

(8.567)

(12.419)

(−5.777)

(−5.349)

(12.333)

(17.471)

Growth

0.017

0.051*

−0.002

−0.001

−0.000

0.000

(0.489)

(1.881)

(−1.574)

(−0.891)

(−1.026)

(0.920)

Board

0.015

0.010

−0.006**

−0.003**

−0.000

0.000

(0.181)

(0.171)

(−2.255)

(−2.377)

(−0.220)

(0.105)

Indep

0.320

−0.898***

0.013

0.001

0.009**

−0.006***

(1.174)

(−4.005)

(1.620)

(0.114)

(2.325)

(−2.697)

FirmAge

−0.316***

−0.465***

−0.008***

−0.011***

−0.003***

−0.004***

(−8.898)

(−15.461)

(−7.623)

(−16.744)

(−5.253)

(−14.386)

Age

0.173**

0.044

0.001

0.001

0.000

0.001*

(1.961)

(0.658)

(0.312)

(0.603)

(0.043)

(1.762)

Gender

0.042

0.038

0.001

0.000

0.001

0.001***

(0.830)

(0.874)

(0.725)

(0.101)

(1.177)

(3.171)

Degree

0.061***

0.051***

0.003***

0.002***

0.001***

0.001***

(4.419)

(4.527)

(7.240)

(10.214)

(7.157)

(7.259)

Site

0.090***

0.153***

0.002***

0.002***

0.001***

0.001***

(5.774)

(14.830)

(5.057)

(10.867)

(6.228)

(13.252)

Ind/Year

控制

控制

控制

控制

控制

控制

Adjusted R-squared

0.517

0.409

0.334

0.347

0.317

0.332

F

120.6

198.0

56.98

152.6

52.80

142.5

N

4472

11676

4472

11676

4472

11676

系数差异

0.84***

0.003***

0.002***

Chi2

6.88

8.66

10.44

P-Value

0.0087

0.0033

0.0012