VARIABLES

国有企业

非国有企业

ncskew

duvol

crash

ncskew

duvol

crash

(1)

(2)

(3)

(4)

(5)

(6)

LGD

0.00964

0.00497

0.0230**

−0.000776

0.000402

0.00931

(0.00637)

(0.00410)

(0.00948)

(0.00592)

(0.00381)

(0.00876)

invbonds

1.01e−05***

9.76e−06***

3.03e−05***

1.61e−06

2.82e−06***

1.19e−05**

(3.31e−06)

(2.13e−06)

(8.95e−06)

(1.69e−06)

(1.09e−06)

(4.76e−06)

控制变量

YES

YES

YES

YES

YES

YES

Constant

−0.583***

−0.393***

−2.511***

−0.334***

−0.240***

−2.435***

(0.110)

(0.0711)

(0.191)

(0.0310)

(0.0200)

(0.0766)

Observations

8397

8397

8398

16,756

16,756

16,756

R-squared

0.005

0.007

0.003

0.000

0.001

0.004