(1)

(2)

国有

民营

VARIABLES

FC

FC

DIFI

−0.342

−0.214^**

(−1.64)

(−2.57)

Cash

0.007

0.004

(0.46)

(0.49)

Growth

−0.007^**

−0.002

(−2.26)

(−0.81)

Lev

−0.100^***

−0.078^***

(−7.16)

(−13.96)

ROA

−0.033

−0.046^***

(−1.49)

(−4.85)

top 1

0.102^***

0.087^***

(2.60)

(5.51)

bm

0.004

−0.035^***

(0.43)

(−8.04)

opinion

0.019^*

−0.006^*

(1.87)

(−1.82)

board

−0.008

−0.022^***

(−0.77)

(−4.74)

balance3

−0.002

0.001

(−0.57)

(0.68)

Constant

−3.668^***

−3.596^***

(−57.59)

(−140.03)

个体固定

YES

YES

时间固定

YES

YES

Observations

1,219

8666

R-squared

0.984

0.976