(1)

(2)

(3)

(4)

(5)

(6)

变量

RD1

RD1

RD2

RD2

RD3

RD3

常数项

3.800***

1.972***

0.159***

0.141***

0.093***

0.080***

(8.308)

(4.597)

(13.145)

(11.731)

(16.965)

(14.699)

Academic

0.675***

0.527***

0.017***

0.015***

0.008***

0.007***

(28.515)

(24.772)

(27.894)

(25.033)

(28.992)

(26.309)

Size

0.608***

0.640***

−0.005***

−0.005***

−0.004***

−0.004***

(43.665)

(49.116)

(−13.997)

(−14.359)

(−24.424)

(−23.862)

Lev

−0.509***

−0.128*

−0.044***

−0.035***

−0.002*

0.002**

(−6.624)

(−1.808)

(−21.555)

(−17.444)

(−1.884)

(2.519)

ROA

1.381***

1.991***

−0.061***

−0.044***

0.032***

0.039***

(6.021)

(9.678)

(−10.157)

(−7.589)

(11.615)

(15.053)

Growth

−0.009

0.001

0.001

−0.000

−0.001

−0.000

(−0.294)

(0.032)

(1.047)

(−0.279)

(−1.427)

(−1.289)

Board

−0.426***

0.027

−0.012***

−0.005**

−0.003***

0.001

(−5.641)

(0.396)

(−6.170)

(−2.469)

(−3.230)

(1.250)

Indep

−0.986***

−0.590**

0.005

0.010

−0.002

0.001

(−3.723)

(−2.517)

(0.692)

(1.588)

(−0.694)

(0.252)

FirmAge

−0.081***

−0.330***

−0.003***

−0.010***

−0.001

−0.003***

(−2.600)

(−10.670)

(−3.681)

(−10.965)

(−1.539)

(−8.615)

Age

0.324***

−0.002

0.004*

0.000

0.003***

0.000

(3.815)

(−0.023)

(1.872)

(0.065)

(2.881)

(0.199)

Gender

0.055

0.096**

0.002

0.003**

0.002**

0.002***

(1.046)

(2.050)

(1.222)

(2.062)

(2.469)

(3.465)

Degree

0.061***

0.056***

0.004***

0.003***

0.001***

0.001***

(4.413)

(4.536)

(11.079)

(9.929)

(7.888)

(7.531)

Site

0.119***

0.118***

0.003***

0.003***

0.001***

0.001***

(8.485)

(9.352)

(8.350)

(7.079)

(8.427)

(8.158)

Ind/Year

控制

控制

控制

控制

控制

控制

Adjusted R-squared

0.322

0.474

0.263

0.350

0.241

0.336

F

277.1

154.3

208.7

92.84

185.7

87.10

N

6980

6980

6980

6980

6980

6980