模型1

模型2

模型3

模型4

解释变量

CV

VAIC

CV

CV

VCsyn

0.0369524 ^***

1.131167 ^***

0.0338876^***

(0.0082883)

(0.195532)

(0.0076523)

VAIC

0.0019502^***

0.003975^***

(0.0003914)

(0.0004785)

SIZE

0.039565 ***

4.297903^***

−0.0108713^***

0.0085094

(0.0066821)

(0.1571728)

(0.0039499)

(0.0057042)

LEV

0.0119383 ^***

−0.0671857 ^***

0.0130642^***

0.0125032^***

(0.0002397)

(0.0056108)

(0.0001885 )

(0.0002096)

ROA

0.0389399^***

1.366027

0.0366644^***

0.0338217 ^***

(0.0006558)

(0.0242744)

(0.0007036)

(0.000876)

Constant

−1.378803***

−84.73451^***

−0.3307271^***

−0.7462593^***

(0.138939)

(3.355496)

(0.0811773)

(0.1183326)

N

1264

1256

1256

1256

Wald chic2

7950.32***

4737.29^***

10055.68^***

10290.30^***

AR(1)

0.4378

0.7074

−0.5276

0.2404)