(1)

(2)

(3)

(4)

(5)

DDBTD

BTD

management

DDBTD

BTD

policy

−0.03058^***

−0.01120^***

−0.34346^*

−0.03060^***

−0.01122^***

(−6.9962)

(−3.5628)

(−1.7485)

(−7.0046)

(−3.5697)

management

−0.00014^***

−0.00009^***

(−4.0999)

(−3.5753)

控制变量

Yes

Yes

Yes

Yes

Yes

年份效应

Yes

Yes

Yes

Yes

Yes

省份效应

Yes

Yes

Yes

Yes

Yes

行业效应

Yes

Yes

Yes

Yes

Yes

N

15,126

15,126

18,779

15,126

15,126

adj. R₂

0.12070

0.09165

0.00396

0.12151

0.09235