变量名称

(1)

(2)

(3)

(4)

L.Fin

0.039^***

(5.63)

L.Fin_S

−0.083^***

−0.087^***

(−4.28)

(−4.41)

L.Fin_L

0.052^***

0.052^***

(6.94)

(7.01)

L.Size

−0.003^***

−0.003^***

−0.003^***

−0.003^***

(−5.91)

(−5.33)

(−6.00)

(−5.90)

L.Lev

0.053^***

0.050^***

0.052^***

0.051^***

(14.71)

(13.90)

(14.63)

(14.15)

L.Prof

−0.034^***

−0.033^***

−0.033^***

−0.033^***

(−5.78)

(−5.73)

(−5.78)

(−5.77)

L.Own

−0.016^***

−0.017^***

−0.016^***

−0.015^***

(−4.54)

(−4.67)

(−4.39)

(−4.26)

L.FA

0.037^***

0.031^***

0.038^***

0.037^***

(9.18)

(7.86)

(9.49)

(9.24)

L.Grow

−0.015^***

−0.016^***

−0.014^***

−0.015^***

(−6.05)

(−6.84)

(−5.93)

(−6.04)

L.Soe

−0.009^***

−0.008^***

−0.009^***

−0.009^***

(−8.72)

(−8.48)

(−8.86)

(−8.94)

Constant

0.152^***

0.147^***

0.152^***

0.151^***

(8.36)

(8.04)

(8.40)

(8.35)

Observations

5433

5433

5433

5433

R-squared

0.222

0.219

0.225

0.227

Ind FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES