模型一

模型二

变量

总体(样本量：11760)

大客户(样本量：5880)

小客户(样本量：5880)

大所(样本量：7949)

小所(样本量：3811)

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

常数

0.225^***

(6.703)

0.216^***

(6.553)

0.269^***

(3.927)

0.243^***

(3.642)

0.337^***

(4.180)

0.334^***(4.144)

0.360^***

(9.202)

0.352^***

(9.184)

0.091

(1.427)

0.079

(1.217)

$WMS$

−0.001^*

(−0.008)

−0.068^***(−0.530)

−0.236

(−0.769)

−0.071^**

(−0.546)

−0.015

(−0.071)

$\sqrt{WMS}$

−0.594^**

(2.289)

−0.576^***

(−1.643)

−0.289^*

(−0.766)

−0.555^*

(−1.954)

−0.512

(−0.843)

LnA

−0.009^***

(−6.113)

−0.009^***

(−5.896)

−0.011^***

(−3.635)

−0.010^***

(−3.306)

−0.016^***

(−4.144)

−0.015^***

(−4.091)

−0.017^***

(−9.431)

−0.016^***

(−9.282)

−0.003

(−1.073)

−0.003

(−0.857)

LEV

0.037^***

(12.956)

0.037^***

(12.979)

0.081^***

(4.762)

0.079^***

(4.661)

0.034^***

(13.125)

0.035^***

(13.157)

0.116^***

(19.576)

0.116^***

(19.598)

0.034^***

(4.701)

0.034^***

(4.706)

ROA

0.003^*

(1.689)

0.003^*

(1.691)

−0.077

(−1.089)

−0.078

(−1.101)

−0.006^***

(−3.591)

−0.006^***

(−3.576)

0.127^***

(15.468)

0.127^***

(15.482)

−0.001

(−0.413)

−0.001

(−0.441)

GROW

0.000^***

(4.651)

0.000^***

(4.649)

0.000^***

(14.813)

0.000^*** (14.798)

0.000^***

(3.013)

0.000^***

(3.011)

0.000^***

(15.670)

0.000^***

(15.654)

0.000^***

(3.190)

0.000^***

(3.188)

CATA

0.032^***

(3.623)

0.033^***

(3.743)

0.050^***

(4.037)

0.051^***

(4.148)

−0.018

(−1.431)

−0.018

(−1.413)

0.013

(1.221)

0.014

(1.316)

0.058^***

(3.950)

0.059^***

(4.007)