	(1)	(2)	(3)	(4)
变量	$D e l t$	$N e w var 3$	$S A$	$N e w var 4$
$l . z$	0.013^***	−0.036^**	−0.095^***	−0.041^**
$l . z$	(4.030)	(−2.180)	(−27.990)	(−2.430)
$D e l t$		−0.049
$D e l t$		(−0.780)
$S A$				−0.062
$S A$				(−1.070)
$p o s t$	−0.013^***	−0.005	−0.148^***	−0.009
$p o s t$	(−4.600)	(−0.420)	(−55.150)	(−0.610)
$s o e$	−0.011	−0.089^*	0.054^***	−0.091^*
$s o e$	(−1.550)	(−1.820)	(3.830)	(−1.950)
$b o a r d$	−0.004	−0.010	0.013^**	−0.007
$b o a r d$	(−0.890)	(−0.390)	(2.250)	(−0.270)
$i n d e$	−0.014	0.103	0.028	0.114
$i n d e$	(−0.890)	(1.170)	(1.630)	(1.340)
$v c$	−0.042	0.035	−0.112^***	0.030
$v c$	(−1.570)	(0.290)	(−3.590)	(0.250)
$f i r s t s h a r e$	0.017	−0.167^**	0.284^***	−0.001
$f i r s t s h a r e$	(0.830)	(−2.060)	(10.790)	(−1.500)
$d i v i$	−0.007^*	−0.104^***	0.013^***	−0.127^***
$d i v i$	(−1.740)	(−4.270)	(2.84 )	(−3.840)
$C o n s t a n t$	0.060	0.404^*	−3.751^***	−0.012
$C o n s t a n t$	(1.350)	(1.950)	(−63.900)	(−0.040)
$N$	22,051	22,051	21,899	21,899
行业效应	控制	控制	控制	控制
$P$ 值	0.000	0.000	0.000	0.000
$A d j - R^{2}$	0.016	0.008	0.488	0.007