变量

全样本 列1

全样本 列2

State = 1 列3

State = 0 列4

Op

Eu

0.192^***

0.153^***

0.046

0.157^***

(0.027)

(0.032)

(0.040)

(0.040)

SCR

−1.000^***

−0.346^*

−1.035^***

(0.288)

(0.185)

(0.321)

Eu*SCR

−0.144^***

−0.065

−0.204^***

(0.055)

(0.071)

(0.071)

Size

−0.410^***

−0.324^***

−0.302^***

−0.175^**

(0.065)

(0.066)

(0.056)

(0.081)

Lev

4.227^***

4.043^***

1.966^***

3.630^***

(0.461)

(0.458)

(0.452)

(0.531)

ROA

−5.009^***

−3.936^***

−6.067^***

−2.885^***

(0.780)

(0.838)

(1.106)

(0.932)

CRatio

0.116^**

0.119^***

0.057

0.099^*

(0.045)

(0.046)

(0.040)

(0.057)

Loss

1.071^***

0.375

−0.150

0.498

(0.189)

(0.263)

(0.216)

(0.311)

Big4

−0.365

−0.229

−0.227

−0.040

(0.421)

(0.400)

(0.396)

(0.465)

ArInv

−1.524^***

−1.432^***

−1.866^***

−0.824^*

(0.432)

(0.428)

(0.451)

(0.488)

State

−1.192^***

−1.226^***

(0.162)

(0.165)

Age

0.042^***

0.042^***

−0.004

0.045^***

(0.011)

(0.011)

(0.012)

(0.013)

_cons

3.273^**

2.337^*

4.017^***

−0.891

(1.434)

(1.406)

(1.191)

(1.795)

year/ind

control

control

control

control

N

10,639

10,639

3756

6173

Pseudo R²

0.3075

0.3198

0.4006

0.3177

Wald chi²

870.66

846.45

323.18

623.52