(1)

(2)

(3)

变量

TobinQ

IC

TobinQ

L.DIG

0.047^***

0.002^**

0.046^***

(0.007)

(0.001)

(0.007)

IC

0.429^***

(0.060)

Top

−0.239^***

0.125^***

−0.287^***

(0.070)

(0.008)

(0.070)

Board

−0.006

0.001

−0.006

(0.005)

(0.001)

(0.005)

Lev

−0.553^***

−0.104^***

−0.506^***

(0.059)

(0.006)

(0.059)

Soe

0.030^*

−0.005^**

0.033^*

(0.018)

(0.002)

(0.018)

Size

−0.363^***

0.640^***

−0.375^***

(0.010)

(0.024)

(0.010)

Ba

−0.055^***

0.013^***

−0.059^***

(0.018)

(0.002)

(0.018)

Dual

−0.013

0.005^**

−0.015

(0.018)

(0.002)

(0.018)

_cons

10.509^***

4.469^***

8.005^***

(0.218)

(0.072)

(0.438)

N

26,091

26,091

26,091

R²

0.2726

0.0761

0.2744

INDUSTRY

YES

YES

YES

YEAR

YES

YES

YES