(1)

(2)

监管前

监管后

VARIABLES

FC

FC

DIFI

−0.083

−0.407^***

(−1.20)

(−2.68)

Cash

0.003

0.004

(0.37)

(0.42)

Growth

−0.001

−0.010^***

(−0.88)

(−5.20)

Lev

−0.050^***

−0.093^***

(−6.81)

(−8.75)

ROA

−0.047^***

−0.100^***

(−6.36)

(−4.25)

top 1

0.123^***

−0.001

(5.96)

(−0.04)

bm

−0.035^***

−0.022^***

(−7.93)

(−3.13)

opinion

−0.007^**

−0.007

(−2.38)

(−0.69)

board

−0.011^**

−0.011^**

(−2.26)

(−2.00)

balance3

0.008^***

−0.016^***

(4.04)

(−4.05)

Constant

−3.740^***

−3.421^***

(−145.53)

(−100.22)

个体固定

YES

YES

时间固定

YES

YES

Observations

7,285

2,790

R-squared

0.984

0.994