市值绩效(Q)

会计绩效(ROA)

(1) N = 11,243

(2) N = 10.743

(3) N = 11,667

(4) N = 11,125

Inda

5.1390***

6.4957***

0.0679***

0.0349***

(1.2075)

(1.9549)

(0.0174)

(0.0130)

Fcf

19.2175***

0.8277***

(4.4836)

(0.0298)

Lnda × Fcf

−37.4413***

−0.2031***

(11.7228)

(0.0780)

Size

−3.6867***

−4.1742***

−0.0266***

−0.0135*

(0.7241)

(1.0623)

(0.0102)

(0.0069)

Leverage

3.5925***

3.8126**

−0.0358**

0.0184*

(1.3337)

(1.5794)

(0.0182)

(0.0100)

Sale

−0.7449***

−0.7495***

0.0089**

−0.0048**

(0.2571)

(0.2856)

(0.0037)

(0.0019)

Largest holder rate

0.0933**

0.0841*

0.0020***

0.0008***

(0.0385)

(0.0447)

(0.0005)

(0.0002)

Isduality

−0.0537

−0.0404

0.0007

0.0023*

(0.1731)

(0.2028)

(0.0025)

(0.0013)

Board

−1.8936**

−1.7470*

−0.0311**

−0.0101

(0.8695)

(0.9922)

(0.0129)

(0.0068)

Inddirect

15.9627

16.3083

0.2180

0.0867

(10.1561)

(11.5329)

(0.1490)

(0.0778)

Supervisor

−0.1306

−0.1587

−0.0029**

−0.0018***

(0.0901)

(0.1136)

(0.0012)

(0.0007)

Executive

2.8614**

2.6906*

0.0463**

0.0159

(1.3629)

(1.5603)

(0.0202)

(0.0106)

Herf3

−10.2436**

−8.2167

−0.2392***

−0.1025***

(4.8136)

(5.3496)

(0.0593)

(0.0276)

Tradable share

2.3088***

1.8143***

0.0503***

0.0277***

(0.6175)

(0.6437)

(0.0080)

(0.0037)

bb

1.7442***

2.1609***

0.0176**

0.0080*

(0.5338)

(0.7120)

(0.0074)

(0.0046)