替换RET

滞后一期

C-SCORE

C-SCORE

CFOTEN

0.0071^***

0.0071^*

(2.7885)

(1.9241)

CFOTEN_2

−0.0040^***

−0.0036^**

(−3.6055)

(−2.4278)

LEV

0.2738^***

0.1459^***

(41.2018)

(16.8168)

CENT

0.0100

0.0041

(0.8808)

(0.2964)

CASH

−0.0109^**

−0.0016

(−2.0131)

(−0.1755)

BSIZE

−0.0046^***

−0.0045^***

(−6.7403)

(−4.6726)

OUTR

−0.0247

−0.0365^*

(−1.6091)

(−1.6764)

_cons

−0.0404^***

−0.0221

(−3.3523)

(−1.3432)

N

22,850

20,635

r2_a

0.5766

0.9717