(1)

(2)

变量

OInvest

UndInvest

Miscredit

0.009**

−0.002***

(2.56)

(−3.13)

Miscredit*State

−0.007**

0.001**

(−2.05)

(1.15)

Growth

−0.001

−0.001

(−1.38)

(−1.09)

Top10

0.000***

−0.000*

(2.93)

(−1.90)

Size

0.005

0.000

(1.06)

(0.50)

Staff

−0.012**

0.003***

(−2.01)

(2.88)

Eps

0.014***

−0.004**

(3.51)

(−2.42)

Profit

−0.000

0.028**

(−0.00)

(2.43)

Tobinq

0.004

−0.002***

(1.31)

(−3.19)

Constant

0.023

−0.054***

(0.41)

(−3.81)

年度

控制

控制

行业

控制

控制

Observations

2,519

3,608

R-squared

0.057

0.068