变量

模型(1)

TobinQ

模型(2)

TobinQ

模型(3)

TobinQ

模型(4)

valuea

res

−0.0790^**

−0.0226^**

−510325967.1^***

(−2.18)

(−2.55)

(−3.34)

Size

0.404^***

−0.210^***

−0.125^**

2.62510e+10^***

(4.49)

(−3.07)

(−2.28)

(20.52)

Lev

−1.365^***

−0.169

−0.266

−1.72087e+10^***

(−4.83)

(−0.73)

(−1.46)

(−4.04)

ROA2

2.197^***

2.859^***

1.836^***

−6.30652e+09

(3.14)

(3.81)

(3.04)

(−0.45)

ROE

−0.822^**

−0.707

0.331

9.32304e+09

(−2.04)

(−1.64)

(0.97)

(1.17)

Cashflow

0.107

0.284

0.0753

−2.46247e+09

(0.37)

(0.89)

(0.31)

(−0.44)

Growth

−0.000354

−0.0191

−0.00460

−160106749.8

(−0.03)

(−1.35)

(−1.02)

(−1.53)

CAP

−0.0532^**

−0.128^***

−0.0865^***

−1.18103e+09^***

(−2.51)

(−5.94)

(−5.61)

(−3.30)

Invest1

−0.281

−0.0151

−0.332^**

−9.64629e+09^***

(−1.03)

(−0.06)

(−2.08)

(−2.59)

Indep

0.00538

0.0135^**

0.0129^***

−50181969.6

(1.07)

(2.52)

(3.19)

(−0.53)

Dual

0.0267

−0.0587

−0.0502

805488994.3

(0.43)

(−0.98)

(−1.05)

(0.72)

Top10

−0.00898^**

0.00165

−0.00249

116700971.9^**

(−2.57)

(0.52)

(−0.98)

(1.97)

Seperate

−0.00595

−0.00348

0.000577

−121399968.8

(−1.19)

(−0.65)

(0.14)

(−1.27)

FirmAge

1.942^**

0.353

0.628

349197652.1

(2.31)

(0.77)

(1.60)

(0.04)

score

−0.00480^***

(−3.57)

_cons

−12.19^***

5.984^***

3.805^***

−5.41042e+11^***

(−4.09)

(3.47)

(2.70)

(−16.46)

Year

Yes

Yes

Yes

Yes

Firm

Yes

Yes

Yes

Yes

N

5098

4501

8532

8532