(1)非国企

(2)国企

(3)东部地区

(4)中西部地区

VARIABLES

REM

REM

REM

REM

D1

−0.023^***

−0.001

−0.025^***

−0.005

(−4.08)

(−0.16)

(−5.06)

(−0.64)

Size

0.010^***

0.004^**

0.011^***

0.008^***

(4.86)

(2.02)

(7.06)

(3.04)

ROA

−1.122^***

−1.213^***

−1.053^***

−1.309^***

(−31.54)

(−19.40)

(−30.29)

(−21.05)

Lev

0.027^**

−0.013

0.039^***

−0.011

(1.99)

(−0.85)

(3.36)

(−0.59)

Growth

0.081^***

0.064^***

0.079^***

0.054^***

(9.48)

(5.46)

(9.60)

(4.63)

Opinion

0.058^***

0.088^***

0.072^***

0.070^***

(5.55)

(3.88)

(6.60)

(4.08)

Constant

−0.040

−0.099

−0.065

−0.155^*

(−0.66)

(−1.58)

(−1.28)

(−1.80)

Observations

9895

5006

10,996

4351

R-squared

0.290

0.299

0.262

0.362

Industry

YES

YES

YES

YES

YEAR

YES

YES

YES

YES