IND

0.166***

0.641***

−0.425

0.361***

−0.058*

0.055***

(3.59)

(3.03)

(−0.58)

(2.87)

(−1.91)

(3.86)

age

−0.001***

−0.00696***

−0.0195***

−0.005***

0.001***

−0.002***

(−3.29)

(−4.25)

(−2.88)

(−4.78)

(3.25)

(−5.66)

_cons

−1.011

22.21*

364.1***

9.946

11.980***

7.526

(−0.41)

(1.90)

(6.85)

(1.22)

(6.16)

(1.07)

行业

YES

YES

YES

YES

YES

YES

年度

YES

YES

YES

YES

YES

YES

N

6317

6317

6317

6317

6317

6317

R²

0.490

0.235

0.578

0.070

0.161

0.289

Adj-R²

0.484

0.226

0.573

0.059

0.151

0.283