(1)

(2)

私营企业

国有企业

fp

0.011

0.051^***

(0.89)

(3.72)

Size

−0.229^***

−0.202^***

(−7.22)

(−7.05)

Lev

1.067^***

0.097

(5.05)

(0.56)

ROA

8.503^***

8.517^***

(6.55)

(5.65)

ROE

−2.206^***

−2.118^***

(−4.10)

(−4.76)

ATO

−0.269^***

−0.121^***

(−5.89)

(−3.12)

Cashflow

2.630^***

0.400

(5.60)

(0.87)

REC

−0.004

−0.091

(−0.02)

(−0.40)

INV

0.316

0.976^***

(1.23)

(6.25)

FIXED

−1.035^***

−0.484^***

(−5.34)

(−4.15)

Growth

−0.039

0.014

(−0.75)

(0.31)

Indep

1.068^**

0.778^**

(2.43)

(2.33)

Dual

0.043

0.035

(0.91)

(0.55)

Top1

0.387

−0.382^**

(1.62)

(−1.97)

Top5

−1.117^*

0.186

(−1.71)

(0.24)

Top10

1.297^**

0.130

(2.21)

(0.18)

BM

−0.363^***

−0.137^***

(−9.63)

(−9.00)

ListAge

0.352^***

0.063^**

(10.02)

(2.03)

Big4

0.398^***

0.026

(3.69)

(0.51)

_cons

5.420^***

5.659^***

(8.76)

(9.38)

N

2047

2119

df_m

19.000

19.000

F

22.090

34.020

r²

0.316

0.315

industry

Yes

Yes

year

Yes

Yes