|
| (1) | (2) |
| 回归模型 | 固定效应模型 | 混合回归模型 |
| 变量 | KZ | KZ |
| Time*Treat | −0.572*** | −0.365*** |
|
| (−3.60) | (−2.88) |
| Treat |
| 0.162 |
|
|
| (1.35) |
| Asset | −0.387 | −0.044 |
|
| (−1.55) | (−0.59) |
| Tangible | 0.919 | 0.845*** |
|
| (1.04) | (2.85) |
| ROA | −1.365* | −3.035*** |
|
| (−1.94) | (−4.49) |
| Age | 0.672 | 0.017** |
|
| (0.25) | (2.05) |
| Volatility | −1.003** | 4.987** |
|
| (−2.38) | (2.20) |
| Growth | −0.212** | −0.102 |
|
| (−2.09) | (−1.32) |
| Debt | 0.725** | 0.848*** |
|
| (2.28) | (4.70) |
| Credit | 1.435 | 2.746*** |
|
| (1.18) | (6.40) |
| Constant | 24.418*** | 1.396 |
|
| (3.13) | (0.78) |
| 样本量 | 1156 | 1156 |
| R2 | 0.197 | 0.242 |
| 公司固定 | 是 | 否 |
| 年份固定 | 是 | 是 |
| 行业固定 | 否 | 是 |