解释变量

模型1

模型2

模型4

VCsyn

0.0122571^***

0.1778^***

0.0115336^***

(0.0037139)

(0.0900992)

(0.0036067)

VAIC

0.0041832^**

(0.0004727)

SIZE

0.0201532^***

3.301044^***

0.01493^**

(0.0058105)

(0.1996191)

(0.0059452)

LEV

0.0122505^***

−0.0225063^***

0.012237^***

(0.0002239)

(0.007163)

(0.0002409)

ROA

0.0390329^***

1.407002^***

0.0332444 ^***

(0.0006681)

(0.0237417)

(0.0008916)

Constant

−0.9747397^***

−65.24871^***

−0.8845233^***

(0.1200289)

(4.122194)

(0.1223872)

N

1264

1256

1256

Wald chic2

8406.80^***

4126.96^***

7482.22^***

AR(1)

0.2408

0.5486

0.2932