变量

(1)

△Cash

(2)

FT﹡CF

(3)

△Cash

(4)

△Cash

(5)

△Cash

(6)

△Cash

(7)

△Cash

CF

0.594^***

(12.03)

2.432^***

(64.26)

0.125

(0.79)

1.211^***

(15.37)

2.210^***

(6.24)

1.288^***

(7.35)

2.761^***

(5.63)

Growth

−3.510^***

(−12.36)

0.347

(1.53)

−3.143^***

(−11.27)

−0.213^**

(−2.32)

−3.203^***

(−7.76)

−3.342

(−5.12)

−3.764^***

(−7.21)

Size

−1.230^***

(−2.54)

1.349^***

(2.56)

−0.143

(−0.78)

0.190

(0.12)

−2.584^***

(−3.64)

−0.542

(−0.93)

−0.029

(−0.04)

△Nwc

0.275^***

(25.56)

0.109^***

(12.66)

0.489^***

(25.30)

−3.52^***

(−13.20)

0.535^***

(15.09)

0.420^***

(13.24)

0.478^***

(20.52)

△Sd

0.274^***

(14.31)

−0.134^***

(−15.39)

0.160^***

(23.25)

−1.236^***

(−6.09)

1.523^***

(13.20)

0.240^***

(12.35)

0.259^***

(25.32)

Expense

−0.544^***

(−7.26)

0.143^***

(4.32)

−0.209^***

(−8.05)

0.409^***

(25.43)

−1.32^***

(−6.86)

−0.235^***

(−3.69)

−0.02

(−1.35)

FT*CF

−0.54^**

(−2.09)

−0.721^***

(−8.53)

−0.314^***

(−13.28)

−0.03^***

(8.24)

−0.176^***

(−9.58)

−0.366^***

(−13.25)

FT

0.530

(0.23)

15.842^***

(8.90)

0.280^***

(6.55)

−0.254^***

(−6.90)

3.568

(0.06)

−3.241

(−0.89)

1.237

(0.24)

FinDev^*CF

0.253^***

(18.09)

常数项

6.820

(1.26)

7.231

(1.32)

3.439

(1.05)

13.428

(1.22)

5.243

(0.94)

样本量

18340

18340

18340

11858

1638

6475

10227

个体效应

YES

YES

YES

YES

YES

YES

YES

时间效应

YES

YES

YES

YES

YES

YES

YES