更换核心解释变量

更换中介变量

增加控制变量

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lnrd

SA

lnrd

KZ

lnrd

lnrd

SA

vc_r

0.020^***

−0.001^***

0.116^***

−0.206^**

0.116^***

0.118^***

−0.005^***

(3.555)

(−3.707)

(3.861)

(−2.457)

(3.864)

(3.924)

(−2.739)

KZ

0.036^***

(3.159)

soe

−0.041

0.006

−0.047

−0.201

−0.044

−0.053

0.006

(−0.879)

(1.280)

(−1.001)

(−1.597)

(−0.938)

(−1.093)

(1.290)

size

0.642^***

0.003

0.637^***

0.062

0.643^***

0.638^***

0.004

(22.311)

(1.145)

(22.361)

(0.423)

(22.528)

(22.946)

(1.224)

age

−0.044

0.121^***

−0.040

2.964^***

−0.038

−0.042

0.113^***

(−0.644)

(4.523)

(−0.592)

(3.294)

(−0.561)

(−0.622)

(4.245)

lev

−0.034

0.025^***

−0.030

−0.593^*

0.009

−0.020

0.025^***

(−0.311)

(3.172)

(−0.281)

(−1.716)

(0.081)

(−0.190)

(3.204)

cash

1.252^***

0.013

1.210^***

0.770^**

1.131^***

1.186^***

0.012

(4.287)

(1.392)

(4.173)

(2.013)

(3.844)

(4.062)

(1.195)

roe

0.206

−0.008

0.185

0.538^**

0.120

0.115

−0.004

(1.138)

(−1.439)

(1.022)

(2.562)

(0.658)

(0.637)

(−0.735)

top1

0.275^***

−0.044^***

(2.607)

(−2.777)

board

0.068^***

−0.001

(4.607)

(−1.528)

ddr

−0.189^***

0.002

(−4.125)

(0.588)

dual

0.003

0.002

(0.103)

(0.949)

_cons

−10.043^***

3.525^***

−9.999^***

−8.357^*

−10.281^***

−10.101^***

3.572^***

(−18.124)

(37.638)

(−18.241)

(−1.955)

(−18.576)

(−18.262)

(36.392)

N

3310

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3310

3310

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3310

3310