|
| (1) | (2) |
| 回归模型 | 固定效应模型 | 混合回归模型 |
| 变量 | KZ | KZ |
| Time*Treat | −0.154** | −0.151** |
|
| (−2.24) | (−2.16) |
| Treat |
| 0.314*** |
|
|
| (3.92) |
| Asset | −0.052 | 0.049 |
|
| (−0.38) | (1.09) |
| Tangible | 1.514*** | 0.945*** |
|
| (3.31) | (4.48) |
| ROA | −1.340*** | −2.984*** |
|
| (−3.57) | (−7.51) |
| Age | 1.337 | 0.013** |
|
| (0.95) | (2.05) |
| Volatility | 0.103 | 4.678*** |
|
| (0.29) | (3.44) |
| Growth | −0.176*** | −0.081 |
|
| (−2.65) | (−1.24) |
| Debt | 0.726*** | 0.989*** |
|
| (4.19) | (8.75) |
| Credit | 2.326*** | 2.097*** |
|
| (3.67) | (8.38) |
| Constant | 0.637 | −0.578 |
|
| (0.11) | (−0.53) |
| 样本量 | 3710 | 3710 |
| R2 | 0.138 | 0.223 |
| 公司固定 | 是 | 否 |
| 年份固定 | 是 | 是 |
| 行业固定 | 否 | 是 |