替换因变量

PSM匹配

变量

(1)

(2)

(3)

(4)

Rpt

Rpt

Rpt

Rpt

常数项

0.645^***

0.561^***

0.715^***

0.717^***

(12.563)

(10.288)

(9.770)

(9.250)

Academic

−0.010^***

−0.015^***

−0.011^***

−0.015^***

(−2.619)

(−3.693)

(−2.763)

(−3.659)

Size

−0.016^***

−0.015^***

−0.018^***

−0.019^***

(−11.453)

(−9.909)

(−9.325)

(−8.999)

Lev

0.346^***

0.377^***

0.354^***

0.382^***

(39.842)

(41.565)

(29.236)

(30.228)

ROA

−0.140^***

−0.093^***

−0.145^***

−0.102^***

(−5.438)

(−3.586)

(−4.146)

(−2.891)

Cashflow

−0.046^**

−0.088^***

−0.069^**

−0.110^***

(−2.213)

(−4.131)

(−2.378)

(−3.683)

Board

−0.062^***

−0.036^***

−0.065^***

−0.039^***

(−7.232)

(−4.191)

(−5.531)

(−3.286)

Indep

−0.127^***

−0.099^***

−0.089^**

−0.059

(−4.134)

(−3.277)

(−2.169)

(−1.444)

Dual

0.004

0.003

0.003

0.002

(1.097)

(0.796)

(0.799)

(0.493)

SOE

0.021^***

0.027^***

0.022^***

0.027^***

(6.126)

(7.548)

(4.362)

(5.068)

FirmAge

0.022^***

0.016^***

0.023^***

0.015^***

(5.892)

(3.708)

(4.559)

(2.708)

Gender

0.006

0.002

0.009

0.007

(1.099)

(0.337)

(1.159)

(0.922)

Age

−0.038^***

−0.049^***

−0.046^***

−0.063^***

(−3.430)

(−4.506)

(−2.961)

(−4.051)

Edca

−0.001

0.002

0.001

0.002

(−0.324)

(1.205)

(0.438)

(1.025)

Ind/Year

未控制

控制

未控制

控制

F

211.4

76.51

108.9

38.84

Adj-R²

0.137

0.164

0.134

0.156

N

17,298

17,298

9039

99,039