| 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 |