变量

(1)

BS

(2)

△Cash

FT

−0.232^***

(−8.24)

1.293

(0.54)

Growth

0.052^***

(6.39)

−4.248^***

(−13.23)

Size

0.035^***

(9.33)

−1.564^***

(−6.06)

△Nwc

−0.032^***

(−20.78)

0.473^***

(23.58)

△Sd

0.043^***

(34.89)

0.102^***

(13.55)

Expense

−0.003^***

(−6.24)

−0.043^***

(−8.69)

CF

0.243^***

(15.39)

FT*CF

−0.253

(−0.53)

BS

6.230^***

(9.09)

BS^*CF

−0.265^***

(−8.23)

常数项

0.232^***

(2.45)

2.240

(1.03)

样本量

18340

18340