变量

(1)

Auditfee

(2)

Auditfee

(3)

Auditfee

(4)

Auditfee

CompAcct

−3.5898^***

(−4.11)

−5.0064^***

(−6.45)

−6.9602^***

(−7.70)

−16.7962^***

(−3.62)

SOE_CompAcct

4.1949^***

(4.03)

Board_CompAcct

5.5502^***

(2.58)

Size

0.3112^***

(23.70)

0.3121^***

(23.94)

0.3156^***

(23.58)

LEV

0.0869^***

(2.72)

0.0921^***

(3.02)

0.0850^***

(2.63)

ROA

0.0210

(0.41)

0.0265

(0.50)

0.0205

(0.40)

Growth

−0.0000

(−0.04)

−0.0001

(−0.08)

−0.0000

(−0.02)

Age

0.0465^***

(23.81)

0.0465^***

(23.91)

0.0459^***

(23.35)

Board

0.0857^**

(2.32)

0.0932^**

(2.56)

Bind

−0.0119

(−0.11)

−0.0236

(−0.21)

−0.2227^**

(−2.20)

TOP1

−0.1093

(−1.44)

−0.1111

(−1.47)

−0.1092

(−1.44)

Opinion

−0.1088^***

(−5.56)

−0.0959^***

(−5.02)

−0.1065^***

(−5.50)

Big4

0.2804^***

(5.02)

0.2843^***

(5.16)

0.2833^***

(5.01)

Cash

0.0025

(0.62)

0.0030

(0.76)

0.0023

(0.59)

MAH

−0.2886^***

(−3.95)

−0.3028^***

(−4.22)

−0.2744^***

(−3.72)

DUAL

0.0074

(0.72)

0.0050

(0.49)

0.0061

(0.60)

SOE

0.0531^**

(2.48)

0.0578^***

(2.71)

_cons

13.081^***

(611.24)

5.8047^***

(19.07)

5.7808^***

(19.06)

5.9778^***

(21.35)

Year

Yes

Yes

Yes

Yes

N

16341

15213

15213

15213

adj. R2

0.510

0.634

0.635

0.634

F

202.7505

173.1144

173.3251

172.4574