变量

注册制

非注册制

(1)

(2)

(3)

(4)

Analyst

−0.093^**

0.029^***

(−2.26)

(2.83)

Follow

−0.087^*

0.041^***

(−1.67)

(3.20)

Size

0.288^***

0.272^***

0.198^***

0.195^***

(4.29)

(4.04)

(11.14)

(10.98)

Growth

−0.204^*

−0.214^**

−0.079^***

−0.078^***

(−1.93)

(−2.04)

(−2.61)

(−2.61)

Lev

0.089

0.123

−0.132^**

−0.129^*

(0.39)

(0.54)

(−1.99)

(−1.94)

INSH

−0.417^**

−0.447^**

0.027

0.026

(−2.23)

(−2.41)

(0.57)

(0.55)

Dual

−0.018

−0.017

−0.086^***

−0.087^***

(−0.25)

(−0.24)

(−3.97)

(−4.00)

BM

−1.063^**

−0.962^**

0.421^***

0.430^***

(−2.42)

(−2.16)

(7.60)

(7.77)

Volatility

−0.046^***

−0.045^***

−0.004

−0.004

(−2.75)

(−2.67)

(−0.86)

(−0.86)

Constant

−1.272^***

−1.299^***

−1.716^***

−1.720^***

(−6.57)

(−6.63)

(−36.13)

(−36.19)

Observations

694

694

11,446

11,446

Adj_R^2

0.374

0.372

0.290

0.290

Industry FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES