现金流比率(CASHFLOW)

−0.093

−0.051

(0.382)

(0.379)

管理费用率(MFEE)

9.878***

10.741***

(0.660)

(0.629)

董事人数(BOARD)

−0.109

−0.380*

(0.212)

(0.195)

_cons

−3.880**

4.027***

(1.701)

(1.228)

N

8350.000

8350.000

r2

0.102

r2_a

−0.123