| 全样本回归结果 | 拐点左侧 | 拐点右侧 |
变量 | C-SCORE | C-SCORE | C-SCORE |
CFOTEN | 0.0113*** | 0.0067** | −0.0065** |
| (3.0427) | (2.1538) | (−2.4354) |
CFOTEN_2 | −0.0054*** |
|
|
| (−3.5796) |
|
|
LEV | 0.2509*** | 0.2653*** | 0.2447*** |
| (29.0492) | (16.5014) | (21.5383) |
CENT | 0.0216 | 0.0244 | 0.0346** |
| (1.5945) | (1.0162) | (2.0556) |
CASH | −0.0198*** | −0.0119 | −0.0187** |
| (−2.7707) | (−0.7942) | (−2.0217) |
BSIZE | −0.0043*** | −0.0033* | −0.0047*** |
| (−4.8992) | (−1.9410) | (−4.0884) |
OUTR | −0.0413** | −0.0212 | −0.0473* |
| (−2.0126) | (−0.5431) | (−1.8338) |
_cons | −0.0367** | −0.0620** | −0.0185 |
| (−2.4213) | (−2.2829) | (−0.9551) |
N | 22,850 | 7543 | 15,307 |
r2_a | 0.9715 | 0.9669 | 0.9750 |