Panel A：t期

市场绩效(Q)

会计绩效(ROA)

(1) state = 0

(2) state = 1

(3) state = 0

(4) state = 1

Inda

5.7274***

5.7288

0.0302***

0.0228

(1.2906)

(4.3626)

(0.0094)

(0.0226)

Fcf

14.7362***

20.0574

0.8184***

0.7862***

(2.1025)

(13.5815)

(0.0216)

(0.0700)

Lnda × Fcf

−40.5901***

−27.6837

−0.2194***

−0.1069

(10.2572)

(21.6752)

(0.0709)

(0.1129)

_cons

55.3110***

95.4786

−0.0320

0.2886

(8.8867)

(62.2886)

(0.0644)

(0.3153)

CV + GV

Yes

Yes

Yes

Yes

Ind + year

Yes

Yes

Yes

Yes

Panel B：t + 1期

Inda

4.0441***

6.0571

0.0542***

0.0734

(0.9076)

(7.1127)

(0.0156)

(0.0611)

Fcf

9.1990***

19.5749

0.4591***

0.6529***

(1.4128)

(21.9522)

(0.0304)

(0.1898)