模型(1)

模型(2)

模型(3)

变量名

PAT

PAT

PAT

LESGP

0.041***

0.042***

0.037***

(10.50)

(9.65)

(8.25)

Media

0.053**

0.010

(1.82)

(0.13)

LESGM

−0.002***

0.008

(−2.61)

(0.10)

LESGM2

−0.001***

(−3.84)

SIZE

0.427***

0.425***

0.405***

(20.89)

(19.23)

(17.84)

bod

−0.036

−0.038

−0.033

(−0.34)

(−0.36)

(−0.31)

Growth

0.272***

0.271***

0.270***

(3.93)

(3.91)

(3.90)

Lev

−1.021***

−1.021***

−1.001***

(−7.83)

(−7.81)

(−7.66)

Age

−1.074***

−1.077***

−1.050***

(−10.44)

(−10.44)

(−10.17)

行业效应

Yes

Yes

Yes

时间效应

Yes

Yes

Yes

常数项

−3.755***

−3.735***

−3.329***

(−6.82)

(−6.31)

(−5.54)

观测值

7479

7479

7479

R-squared

0.135

0.135

0.137