(1)

大规模企业

(2)

小规模企业

变量名

EnI

EnI

MTF1

0.025

0.029^*

(0.79)

(1.84)

MTF2

0.027

0.036^**

(0.35)

(3.60)

SIZE

0.823^***

1.137^***

(5.69)

(6.61)

ROA

1.379

−0.295

(0.61)

(−0.20)

Tbq

0.067

−0.078

(0.39)

(−0.82)

Bod

−0.169^***

0.008

(−3.25)

(0.19)

TopTenHDR

0.001

−0.009

(0.03)

(−0.31)

Sep

−0.004

−0.025^**

(−0.39)

(−1.98)

Cur_rit

−0.350

−0.021

(−2.28)

(−0.37)

Lev

0.859

0.172

(0.99)

(0.24)

Growth

−0.021

−0.316

(−0.07)

(−1.06)

行业效应

Yes

Yes

时间效应

Yes

Yes

常数项

−2.095

−7.426

(−0.38)

(−2.82)

观测值

1572

1572

R-squared

0.209

0.128