	(1)	(2)	(3)	(4)
变量	Lev	Invest	OInvest	UndInvest
Lev		0.054^***	0.062^*	0.014^***
Lev		(3.35)	(1.69)	(2.72)
Miscredit	0.038^***	0.000	0.003	0.002
Miscredit	(19.36)	(0.17)	(1.60)	(−4.85)
Growth	−0.001^**	−0.001^*	−0.002	−0.001
Growth	(−1.98)	(−1.85)	(−1.58)	(−0.96)
Top10	−0.001^***	−0.000	0.000^***	−0.000^**
Top10	(−5.05)	(−0.04)	(3.08)	(−2.10)
Size	0.047^***	0.002	0.000	0.001
Size	(17.81)	(1.46)	(0.19)	(0.85)
Staff	0.011^***	−0.004	−0.012^**	0.002^**
Staff	(4.40)	(−1.40)	(−2.02)	(2.56)
Eps	0.006	−0.002	0.017^***	−0.007^***
Eps	(1.14)	(−0.80)	(4.27)	(−4.22)
Profit	−0.536^***	0.094^***	0.059	0.032^**
Profit	(−8.69)	(4.95)	(1.49)	(2.56)
Constant	−0.643^***	−0.051^***	0.067^**	−0.066^***
Constant	(−14.03)	(−2.66)	(2.20)	(−4.84)
年度	控制	控制	控制	控制
行业	控制	控制	控制	控制
Observations	6127	6127	2519	3608
R-squared	0.451	0.023	0.063	0.067