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 |