Panel A. 短期负债率作为被解释变量

Dep. Short-Term Ratio

(1)

(2)

(3)

(4)

Overseas Edu

−0.0414^***

−0.0385^***

(−6.20)

(−3.25)

Overseas Work

−0.0561^***

−0.0473^***

(−6.76)

(−3.09)

Firm Size

0.0281^***

0.0282^***

(26.51)

(26.53)

Firm Age

0.0411^***

0.0409^***

(12.34)

(12.29)

ROA

0.0483^***

0.0483^***

(13.60)

(13.60)

Sales Growth

0.2078^***

0.2076^***

(35.50)

(35.46)

Tangible Ratio

−0.0070^***

−0.0070^***

(−55.54)

(−55.61)

Ln (Z-Score)

−0.0073

−0.0073

(−1.20)

(−1.20)

Book to Market

0.0112^***

0.0113^***

(3.15)

(3.18)

EPS

0.0168^***

0.0169^***

(7.46)

(7.49)

SOE

0.0281^***

0.0282^***

(26.51)

(26.53)

Constant

0.2987^***

0.2995^***

−0.1882^***

−0.1884^***

(43.58)

(43.65)

(−15.79)

(−15.80)

Observation

20238

20238

20238

20238

Adj-R²

0.145

0.144

0.505

0.504

Year Effect

YES

YES

YES

YES

Industry Effect

YES

YES

YES

YES

Panel B. 长期负债率为被解释变量

Dep. Long-Term Ratio

(1)

(2)

(3)

(4)

Overseas Edu.

0.0039^***

0.0050^**

(3.03)

(2.04)

Overseas Work

0.0095^***

0.0074^***

(3.04)

(3.63)

Firm Size

0.0222^***

0.0222^***

(34.15)

(34.28)

Firm Age

0.0044^**

0.0043^**

(−2.35)

(−2.32)

ROA

0.1999^***

0.1998^***

(11.91)

(11.90)

Sales Growth

0.0170^***

0.0171^***

(7.66)

(7.71)

Tangible Ratio

−0.1321^***

−0.1320^***

(−36.03)

(−36.01)

Ln (Z-Score)

−0.0003^***

−0.0003^***

(−7.02)

(−6.90)

Book to Market

0.0421^***

0.0420^***

(12.15)

(12.12)

EPS

0.0040^**

0.0039^**

(2.04)

(2.00)

SOE

0.0011

0.0009

(0.83)

(0.69)

Constant

0.1478^***

0.1478^***

−0.0245^***

−0.0248^***

(23.96)

(23.94)

(−2.90)

(−2.93)

Observation

20238

20238

20238

20238

Adj-R²

0.232

0.230

0.465

0.463

Year Effect

YES

YES

YES

YES

Industry Effect

YES

YES

YES

YES

Panel C. 总负债率为被解释变量

Dep. Total Debt Ratio

(1)

(2)

(3)

(4)

Overseas Edu.

−0.0510^***

−0.0031^***

(−6.58)

(−2.61)

Overseas Work

−0.0697^***

−0.0133^***

(−7.10)

(−3.31)

Firm Size

0.0507^***

0.0508^***

(46.10)

(46.20)

Firm Age

0.0369^***

0.0368^***

(10.73)

(10.71)

ROA

0.9581^***

0.9593^***

(28.30)

(28.35)

Sales Growth

0.0667^***

0.0668^***

(18.06)

(18.09)

Tangible Ratio

−0.0762^***

−0.0762^***

(−13.26)

(−13.26)

Ln (Z-Score)

−0.0072^***

−0.0072^***

(−52.46)

(−52.50)

Book to Market

0.0519^***

0.0518^***

(8.08)

(8.07)

EPS

0.0160^***

0.0160^***

(4.36)

(4.37)

SOE

0.0175^***

0.0173^***

(7.78)

(7.72)

Constant

0.4456^***

0.4455^***

−0.1082^***

−0.1082^***

(47.56)

(47.50)

(−8.01)

(−8.02)

Observation

20238

20238

20238

20238

Adj-R²

0.162

0.160

0.610

0.612

Year Effect

YES

YES

YES

YES

Industry Effect

YES

YES

YES

YES