Panel A. 短期债务率为被解释变量

Dep. SD_Dummy

(1)

(2)

(3)

(4)

Overseas Edu.

−0.0770^***

−0.0546^***

(−4.45)

(−5.22)

Overseas Work

−0.0856^***

−0.0606^***

(−4.66)

(−4.63)

Firm Size

0.0765^***

0.0766^***

(20.76)

(20.78)

Firm Age

0.0927^***

0.0924^***

(7.96)

(7.94)

ROA

2.1285^***

2.1313^***

(19.92)

(19.95)

Sales Growth

0.1170^***

0.1172^***

(9.79)

(9.80)

Tangible Ratio

−0.4581^***

−0.4580^***

(−24.93)

(−24.92)

Ln (Z-Score)

−0.0151^***

−0.0151^***

(−41.18)

(−41.23)

Book to Market

0.0043

0.0041

(0.20)

(0.19)

EPS

0.0410^***

0.0411^***

(3.46)

(3.47)

SOE

0.0201^***

0.0199^***

(2.61)

(2.59)

Constant

0.4425^***

0.4423^***

−0.4660^***

−0.4659^***

(17.33)

(17.33)

(−10.33)

(−10.32)

Observation

20238

20238

20238

20238

Pseudo-R²

0.142

0.141

0.517

0.517

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. LD_Dummy

(1)

(2)

(3)

(4)

Overseas Edu.

0.0595^***

0.0438^***

(3.92)

(2.45)

Overseas Work

0.0632^***

0.0577^***

(4.04)

(3.39)

Firm Size

0.1098^***

0.1099^***

(31.15)

(31.18)

Firm Age

0.0162

0.0161

(1.48)

(1.48)

ROA

0.8996^***

0.8995^***

(9.02)

(9.02)

Sales Growth

0.0758^***

0.0760^***

(6.56)

(6.57)

Tangible Ratio

−0.6188^***

−0.6186^***

(−34.17)

(−34.17)

Ln (Z-Score)

−0.0039^***

−0.0039^***

(−16.05)

(−16.01)

Book to Market

0.1467^***

0.1466^***

(7.45)

(7.45)

EPS

0.0014

0.0014

(0.12)

(0.13)

SOE

0.0036

0.0034

(0.48)

(0.44)

Constant

0.3966^***

0.3966^***

−0.4161^***

−0.4165^***

(15.96)

(15.95)

(−9.52)

(−9.53)

Observation

20238

20238

20238

20238

Pseudo-R²

0.125

0.125

0.439

0.439

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. TD_Dummy

(1)

(2)

(3)

(4)

Overseas Edu.

−0.0399^*

−0.0179^**

(−1.69)

(−2.11)

Overseas Work

−0.0783^***

−0.0520^***

(−3.95)

(−2.68)

Firm Size

0.1174^***

0.1177^***

(34.34)

(34.44)

Firm Age

0.0658^***

0.0659^***

(5.99)

(6.00)

ROA

2.5173^***

2.5191^***

(24.18)

(24.21)

Sales Growth

0.1509^***

0.1516^***

(13.39)

(13.47)

Tangible Ratio

−0.1293^***

−0.1298^***

(−7.41)

(−7.45)

Ln (Z-Score)

−0.0126^***

−0.0125^***

(−35.88)

(−35.85)

Book to Market

0.1157^***

0.1150^***

(5.66)

(5.63)

EPS

0.0547^***

0.0544^***

(4.78)

(4.76)

SOE

0.0209^***

0.0197^***

(2.88)

(2.71)

Constant

0.5174^***

0.5169^***

−0.6756^***

−0.6771^***

(20.21)

(20.18)

(−16.08)

(−16.11)

Observation

20238

20238

20238

20238

Pseudo-R²

0.136

0.137

0.541

0.541

Year Effect

YES

YES

YES

YES

Industry Effect

YES

YES

YES

YES