VARIABLES

(1)

P₂₅

(2)

P₅₀

(3)

P₇₅

Innovate

0.012

0.031^***

0.052^**

(1.50)

(2.83)

(2.42)

SIZE

−0.251^***

−0.286^***

−0.346^***

(−31.52)

(−27.04)

(−16.85)

LEV

−0.049

−0.308^***

−0.653^***

(−0.81)

(−3.82)

(−4.17)

LIQ

0.035^***

0.065^***

0.103^***

(7.56)

(10.56)

(8.60)

Growth

−0.023

−0.027

−0.036

(−0.85)

(−0.76)

(−0.51)

TOP1

0.001

0.003^***

0.005^***

(0.98)

(4.20)

(3.24)

year

控制

控制

控制

Constant

7.405^***

8.667^***

10.851^***

(44.19)

(38.98)

(25.10)

Observations

7142

7142

7142