(1)

(2)

连锁股东

0.142^***

0.619^***

(2.70)

(6.53)

Size

0.455^***

0.275^***

(21.43)

(8.74)

ListAge

0.444^***

0.259^***

(23.23)

(9.46)

ROE

−0.060^**

0.066

(−2.38)

(1.57)

Dual

0.021

0.036

(1.00)

(1.21)

Opinion

−0.073

−0.035

(−1.51)

(−0.50)

Lev

−0.759^***

−0.362^***

(−8.80)

(−3.35)

Loss

0.019

−0.007

(0.96)

(−0.25)

Top10

−0.013

−0.468^***

(−0.11)

(−3.26)

Constant

−7.916^***

−3.920^***

(−17.98)

(−6.06)

Observations

24,721

11,113

Number of id

3468

2447

R-squared

0.290

0.096