| VARIABLES | OverINV | UnderINV | ||
|
| 中央国企 | 地方国企 | 中央国企 | 地方国企 |
| ICQ | −0.003** | −0.002** | −0.002*** | −0.002*** |
| Top1 | 0.000 | 0.000 | 0.000 | 0.000 |
| Lev | 0.004 | 0.007 | −0.008** | −0.001 |
| Fcf | 0.031 | 0.011 | −0.013 | −0.025*** |
| Size | −0.001 | −0.002*** | −0.001*** | −0.003*** |
| Growth | 0.005*** | 0.001** | 0.002*** | 0.000 |
| Roa | −0.022 | 0.056** | 0.033*** | 0.046*** |
| Constant | 0.083*** | 0.095*** | 0.075*** | 0.108*** |
| Observations | 1217 | 2599 | 2018 | 3690 |
| R-squared | 0.104 | 0.081 | 0.094 | 0.103 |
| F test | 0 | 0 | 0 | 0 |
| F | 4.015 | 6.421 | 16.78 | 12.040 |