(1) 变量

(2) 估计系数

$Z{F}_{i,t}$

−0.542*

(−1.73)

Const

0 .456*

(−1.11)

$Leverag{e}_{i,t}$

−0.672*

(−1.87)

$Growt{h}_{i,t}$

0.149**

(−2.42)

$RO{E}_{i,t}$

−0.243

(−0.87)

$So{e}_i$

−12.621**

(−2.66)

$T{1}_{i,t}$

−0.897

(−1.45)

$T{10}_{i,t}$

0 .752*

(−1.79)

Year / Industry / cluster

Yes

F(P value)

8.72

(0.00)

N

4122

adj. R²

0.094