(1)

(2)

(3)

(4)

GW_AR1

GW_AR2

GW_AR1

GW_AR2

ICQ

−0.0000125^**

−0.0000126^**

(−2.25)

(−2.32)

AN

−0.000374^***

−0.000405^***

(−4.63)

(−5.08)

Size

0.0471^***

0.0447^***

0.0488^***

0.0466^***

(27.08)

(26.05)

(27.28)

(26.40)

Lev

−0.0425^***

−0.0440^***

−0.0414^***

−0.0429^***

(−6.62)

(−6.95)

(−6.47)

(−6.80)

ROA

0.102^***

0.107^***

0.108^***

0.113^***

(7.78)

(8.22)

(8.32)

(8.85)

Cashflow

0.00132

0.00589

0.00111

0.00567

(0.14)

(0.62)

(0.12)

(0.60)

Indep

−0.0134

−0.0151

−0.0146

−0.0164

(−0.85)

(−0.97)

(−0.93)

(−1.05)

Dual

0.000764

0.000639

0.000685

0.000556

(0.41)

(0.34)

(0.36)

(0.30)

SOE

−0.0172^***

−0.0152^***

−0.0178^***

−0.0159^***

(−3.98)

(−3.56)

(−4.13)

(−3.73)

ListAge

0.0218^***

0.0152^***

0.0210^***

0.0143^***

(6.57)

(4.63)

(6.34)

(4.38)

Top1

−0.0624^***

−0.0539^***

−0.0643^***

−0.0561^***

(−4.88)

(−4.28)

(−5.04)

(−4.45)

Big4

0.00707

0.00520

0.00744

0.00558

(1.45)

(1.08)

(1.53)

(1.16)

Growth

0.0141^***

0.0132^***

0.0138^***

0.0128^***

(12.17)

(11.49)

(11.93)

(11.24)

BM

−0.00279^***

−0.00168^*

−0.00365^***

−0.00261^***

(−3.05)

(−1.86)

(−3.91)

(−2.84)

Balance

0.00628^***

0.00763^***

0.00590^**

0.00721^***

(2.68)

(3.31)

(2.52)

(3.13)

Dturn

−0.000579

0.00112

−0.000356

0.00136

(−0.39)

(0.77)

(−0.24)

(0.94)

INST

0.000114

0.00547

0.00250

0.00806^**

(0.03)

(1.46)

(0.65)

(2.14)

Mshare

−0.0375^***

−0.0359^***

−0.0362^***

−0.0346^***

(−4.69)

(−4.56)

(−4.54)

(−4.39)

_cons

−0.954^***

−0.905^***

−0.998^***

−0.953^***

(−26.08)

(−25.07)

(−26.43)

(−25.57)

个体和时间

控制

控制

控制

控制

N

10832

10832

10832

10832