| VARIABLES | 模型1 | 模型2 | 模型3 |
| rd | rd | rd | |
| roa | −8.250*** | −8.293*** | −8.046*** |
|
| (−6.67) | (−6.71) | (−6.53) |
| fix | 1.116*** | 1.118*** | 1.124*** |
|
| (11.62) | (11.64) | (11.72) |
| size | −0.055 | −0.062 | −0.060 |
|
| (−0.55) | (−0.62) | (−0.60) |
| lev | −3.305*** | −3.273*** | −3.254*** |
|
| (−6.56) | (−6.49) | (−6.48) |
| age | −0.030 | −0.046 | −0.180 |
|
| (−0.11) | (−0.17) | (−0.67) |
| dirnum | −0.210 | −0.168 | −0.257 |
|
| (−0.38) | (−0.30) | (−0.46) |
| irrnum | −1.300 | −1.230 | −1.419 |
|
| (−0.79) | (−0.75) | (−0.87) |
| inc |
| 0.346* | 0.395** |
|
|
| (1.88) | (2.11) |
| HHI_C |
|
| −9.196*** |
|
|
|
| (−4.19) |
| incHHI_C |
|
| −6.965** |
|
|
|
| (−2.03) |
| Constant | 7.935*** | 7.711*** | 8.746*** |
|
| (3.40) | (3.30) | (3.75) |
| Observations | 1780 | 1780 | 1780 |
| Number of code | 830 | 830 | 830 |
| R2 | 0.1760 | 0.1753 | 0.1709 |
| Wald chi2 | 258.58 | 262.26 | 283.97 |
| Company FE | YES | YES | YES |
| Year FE | YES | YES | YES |