(1)

变量

y

DID

0.381**

(2.18)

年份

−0.538*

(−1.95)

实施

−0.068

(−0.41)

SIZE

−0.548***

(−5.90)

TAGR

−0.091*

(−1.96)

LEV

1.101***

(2.78)

ROA

−1.130***

(−2.66)

2017.year

−0.681***

(−3.16)

2018.year

−0.742***

(−9.38)

2019.year

−0.499***

(−6.25)

2020.year

−0.180**

(−2.16)

Constant

14.619***

(6.87)

Observations

5249

R-squared

0.196

Company FE

YES

Year FE

YES

F test

0

r2_a

0.194

F

32.82