(2)

变量

缩减年份

CAPM

0.00029^**

(2.02)

Size

0.00276^***

(9.42)

DFL

−0.00269^**

(−2.25)

ROA

−0.00103

(−0.40)

Cashflow

0.00796^***

(3.94)

Growth

−0.00080^***

(−2.86)

Markup

0.00023

(0.27)

Age

0.00498^**

(2.39)

Own

−0.00007^***

(−3.80)

MSHARE

0.00003^*

(1.77)

Duality

−0.00029

(−0.96)

Boards

0.00143

(1.34)

_cons

0.04254^***

(5.13)

R²

0.644

N

17,969