| 变量名称 | (5) | (6) |
| ER | Lnafee | |
| PledgeA | 0.272*** | 0.104*** |
|
| (15.93) | (8.69) |
| ER |
| 0.058*** |
|
|
| (8.46) |
| SIZE | −0.126*** | 0.349*** |
|
| (−19.88) | (78.00) |
| ROA | −2.265*** | −0.350*** |
|
| (−25.30) | (−5.47) |
| GRO | 0.049*** | 0.033*** |
|
| (4.03) | (3.90) |
| LEV | 0.391*** | −0.017 |
|
| (8.78) | (−0.55) |
| RRA | −0.192*** | 0.174*** |
|
| (−3.13) | (4.11) |
| LIP | 0.005* | −0.015*** |
|
| (1.68) | (−6.82) |
| BIG | −0.050 | 0.587*** |
|
| (−1.51) | (25.49) |
| OPINION | −0.784*** | −0.085*** |
|
| (−24.76) | (−3.74) |
| Constant | 5.250*** | 5.953*** |
|
| (36.22) | (55.81) |
| YEAR | 控制 | 控制 |
| IND | 控制 | 控制 |
| R-squared | 0.292 | 0.601 |
| F test | 0 | 0 |
| r2_a | 0.286 | 0.598 |
| F | 46.68 | 168.8 |