变量

高科技企业

TobinQ

非高科技企业

TobinQ

技术密集型

TobinQ

劳动密集型

TobinQ

资本密集型

TobinQ

res

−0.0250^***

0.000931

−0.0275^***

−0.00334

−0.00749

(−2.90)

(0.10)

(−2.77)

(−0.35)

(−0.56)

Size

−0.158^**

0.0790

−0.0830

−0.348^***

0.114

(−2.07)

(0.95)

(−0.99)

(−3.71)

(0.91)

Lev

−0.250

−0.337

−0.154

0.578^*

−0.992^**

(−1.04)

(−1.19)

(−0.59)

(1.94)

(−2.49)

ROA2

2.042^***

1.236

2.277^**

−0.525

2.433^**

(2.58)

(1.33)

(2.52)

(−0.53)

(2.06)

ROE

0.0110

0.507

−0.442

1.762^***

−0.127

(0.02)

(1.01)

(−0.89)

(3.06)

(−0.19)

Cashflow

−0.0368

0.276

0.171

0.657^*

−0.201

(−0.11)

(0.83)

(0.47)

(1.66)

(−0.42)

Growth

−0.0258

−0.000734

−0.0218

0.0115

0.000967

(−1.33)

(−0.18)

(−1.11)

(0.41)

(0.17)

CAP

−0.122^***

−0.0436^**

−0.119^***

−0.0258

−0.109^***

(−5.23)

(−2.00)

(−4.64)

(−1.24)

(−2.94)

Invest1

−0.0836

−0.434^***

0.133

−0.220

−1.046^**

(−0.26)

(−2.60)

(0.41)

(−0.78)

(−1.96)

Indep

0.0194^***

0.00265

0.00794

0.00402

0.0235^***

(3.46)

(0.48)

(1.33)

(0.68)

(2.78)

Dual

−0.0706

−0.0272

−0.118^*

0.0657

−0.0242

(−1.12)

(−0.39)

(−1.78)

(0.85)

(−0.24)

Top10

0.000649

−0.0104^***

0.00605

−0.00387

−0.0115^**

(0.19)

(−2.62)

(1.59)

(−1.00)

(−2.02)

Seperate

−0.00169

0.00500

−0.00499

0.00600

0.000784

(−0.32)

(0.77)

(−0.89)

(1.07)

(0.07)

FirmAge

1.427^***

−0.767

1.185^**

0.507

−1.087

(2.73)

(−1.32)

(2.16)

(0.81)

(−1.22)

_cons

2.475

2.753

1.145

8.000^***

3.030

(1.31)

(1.21)

(0.56)

(3.43)

(0.84)

Year

Yes

Yes

Yes

Yes

Yes

Firm

Yes

Yes

Yes

Yes

Yes

N

5437

3095

4218

1539

2663