(1)

(2)

(3)

VARIABLES

SLoan

LLoan

DC

DIFI

0.189^*

−0.075

−0.368^**

(1.85)

(−1.05)

(−2.32)

Cash

−0.120^***

−0.033^***

0.074^***

(−11.63)

(−4.80)

(3.89)

Growth

−0.002^*

0.001^*

0.002

(−1.78)

(1.67)

(0.47)

Lev

0.331^***

0.124^***

0.159^***

(45.35)

(24.93)

(13.24)

ROA

−0.012

0.016^***

0.017

(−1.24)

(2.65)

(1.24)

top1

−0.014

0.022^**

0.120^***

(−0.90)

(2.01)

(3.14)

bm

0.004

0.023^***

0.052^***

(0.97)

(7.90)

(6.08)

opinion

0.015^***

0.003

−0.015^*

(3.01)

(1.04)

(−1.65)

board

−0.003

−0.007^*

0.006

(−0.59)

(−1.79)

(0.69)

balance3

−0.004^**

0.003^**

0.013^***

(−1.96)

(2.51)

(3.79)

Constant

−0.075^**

−0.011

−0.003

(−2.41)

(−0.53)

(−0.05)

个体固定

YES

YES

YES

时间固定

YES

YES

YES

Observations

10,153

10,153

10,153

R-squared

0.816

0.669

0.685