(1)

替换解释变量

(2)

解释变量滞后一期

(3)

增加地区时间交乘固定效应

VARIABLES

REM

REM

REM

Digit(1)

−0.028^***

(−3.34)

L.Digit

−0.022^***

(−4.68)

Digit

−0.016^***

(−3.71)

Size

0.008^***

0.012^***

0.010^***

(6.37)

(7.59)

(7.40)

ROA

−1.123^***

−1.133^***

−1.132^***

(−36.99)

(−31.86)

(−37.03)

Lev

0.026^***

0.017

0.023^**

(2.60)

(1.50)

(2.25)

Growth

0.070^***

0.083^***

0.072^***

(10.37)

(10.57)

(10.65)

Opinion

0.069^***

0.071^***

0.072^***

(7.47)

(6.71)

(7.83)

Constant

−0.234^***

−0.095^*

−0.124^***

(−8.12)

(−1.91)

(−2.81)

Observations

15,348

11,228

15,347

R-squared

0.280

0.289

0.295

Province#YEAR

YES

Industry

YES

YES

YES

YEAR

YES

YES

YES