被解释变量

R

Debt

R

PSM

2SLS一阶段

2SLS二阶段

(1)

(2)

(3)

Debt

−0.013^*

−0.033^**

(−1.696)

(0.0137)

IV

0.509^***

(0.053)

Fix

−0.041^***

0.234^***

−0.014^***

(−5.806)

(0.018)

(0.006)

Cfo

−0.014

−0.531^***

−0.014

(−0.987)

(0.030)

(0.011)

Sale

0.016^***

0.067^***

0.014^***

(4.373)

(0.007)

(0.002)

Age

−0.020^***

0.020^***

−0.010^***

(−6.131)

(0.007)

(0.002)

TBQ

0.003^***

−0.012^***

0.004^***

(4.679)

(0.001)

(0.000)

Board

0.003

0.027^*

0.001

(0.492)

(0.013)

(0.002)

N

1309

8324

8324

Adj-R²

0.365

0.173

KP-rk LM

48.274^***

KP-Wald rk F

92.312

CD-Wald F

229.898

Year&Ind&Prov FE

YES

YES

YES