经营欠佳组

经营良好组

VARIABLES

RD

RD

FIN

5.060^***

1.741

(0.576)

(1.40)

FIN²

−12.44^***

−6.806^*

(1.455)

(−1.90)

LEV

2.389^***

1.159^***

(0.0953)

(6.89)

TBQ

−0.106^***

−0.326^***

(0.0144)

(−11.67)

Constant

17.17^***

17.707^***

(0.0544)

(152.01)

Observations

6441

2085

R-squared

0.123

0.11

Ftest

0

r²_a

0.107

F

63.52