debt

−0.043^***

(−10.36)

常数项

0.193^***

(68.06)

−0.550^***

(−50.62)

−0.561^***

(−51.24)

−0.017

(−1.18)

0.051^***

(3.37)

0.163^***

(8.72)

0.162^***

(8.68)

0.182^***

(9.72)

企业固定效应

yes

yes

yes

yes

yes

yes

yes

yes

年份固定效应

yes

yes

yes

yes

yes

yes

yes

yes

N

249,492

249,414

249,414

249,414

209,938

209,938

209,817

209,817

R²

0.051

0.110

0.111

0.136

0.128

0.129

0.129

0.132