| 变量名 | 被解释变量为NCSKEW | ||
| 全样本 | 持股比例较低的组 | 持股比例较高的组 | |
| Pledge | 0.0494*** (3.467) | 0.0529*** (3.092) | 0.0427 (1.102) |
| Size | −0.0317*** (−5.418) | −0.0334*** (−4.029) | −0.0367*** (−4.123) |
| Lev | −0.1138 (−0.113) | −0.1433 (−0.169) | −0.0520 (−0.147) |
| Roa | 0.8653*** (5.669) | 1.1409*** (7.103) | 0.5026*** (5.097) |
| BTM | 0.0232*** (10.005) | 0.0104 (0.011) | 0.0465*** (11.012 |
| Rdtvr | −0.0394*** (−2.816) | −0.0296** (−2.024) | −0.0194** (−2.020) |
| Sigma | 9.7370*** (3.308 | 18.5911*** (5.839) | 21.8600*** (5.866) |
| Ret | 140.5682*** (3.215) | 148.8830*** (4.629) | 131.9565*** (4.439 |
| Cons | 0.0625 (0.421) | −0.2653 (0.665) | 0.0485 (0.540) |
| Year | 控制 | 控制 | 控制 |