(1)

(2)

(3)

东部

西部

托宾Q

托宾Q

托宾Q

Pro

1.414***

1.183**

3.069*

(2.77)

(2.05)

(1.69)

MI

0.0636*

0.0378

0.0591

(1.95)

(0.55)

(1.24)

Age

0.00870

−0.00205

0.0549***

(1.07)

(−0.21)

(3.57)

Lev

−1.342**

−1.231*

−1.620***

(−2.54)

(−1.67)

(−4.26)

cash

2.514***

2.548**

2.113*

(3.03)

(2.51)

(1.91)

size

−0.772***

−0.796***

−0.721***

(−6.79)

(−5.49)

(−9.03)

_cons

19.44***

20.38***

17.60***

(8.84)

(7.24)

(10.40)

N

2287

1753

534

adj.R-sq

0.260

0.238

0.425

r2

0.262

0.241

0.432

F

119.8

104.2

48.96