经营欠佳组

经营良好组

VARIABLES

RD

RD

FIN

8.405***

4.654***

(0.667)

(3.15)

FIN2

−17.97***

−13.313***

(1.651)

(−3.00)

MP × FIN

−220.3***

−178.749***

(25.48)

(−3.69)

MP × FIN2

340.5***

387.744***

(76.71)

(2.61)

LEV

2.442***

1.185***

(0.0947)

(7.06)

TBQ

−0.0804***

−0.307***

(0.0145)

(−10.88)

Constant

17.10***

17.666***

(0.0543)

(151.59)

Observations

6441

2085

R-squared

0.138

0.12

Ftest

0

r2_a

0.113

F

45.32