(1)

(2)

高科技

非高科技

VARIABLES

FC

FC

DIFI

−0.241^***

−0.455^***

(−2.81)

(−2.95)

Cash

0.009

−0.009

(1.05)

(−0.67)

Growth

−0.003^**

−0.006^***

(−2.13)

(−3.11)

Lev

−0.083^***

−0.057^***

(−14.08)

(−4.95)

ROA

−0.037^***

−0.049^***

(−4.62)

(−2.59)

top 1

0.077^***

0.124^***

(4.77)

(4.49)

bm

−0.040^***

−0.006

(−8.88)

(−0.82)

opinion

−0.006

0.001

(−1.59)

(0.30)

board

−0.020^***

−0.012

(−4.25)

(−1.43)

balance3

0.005^**

0.002

(2.37)

(0.49)

Constant

−3.590^***

−3.617^***

(−137.58)

(−75.78)

个体固定

YES

YES

时间固定

YES

YES

Observations

7371

2765

R-squared

0.978

0.977