变量

被解释变量

(1)

(2)

国有企业

非国有企业

talk

1.763^***

1.812^***

2.600^***

0.856

(0.509)

(0.502)

(0.768)

(0.611)

soe

0.976^***

−

−

(0.302)

size

0.649^***

0.108

0.410

(0.134)

(0.237)

(0.253)

flow

−2.923^*

−4.802^**

1.553

(1.590)

(2.264)

(2.151)

age

−0.0313

−0.0627

−0.108^**

(0.0278)

(0.0624)

(0.0520)

first

−0.0109

−0.0165

0.0126

(0.0101)

(0.0161)

(0.0179)

leve

−1.166^*

0.573

−0.0192

(0.649)

(1.022)

(1.104)

roa

1.101

1.415^*

−0.933

(0.693)

(0.728)

(1.242)

board

1.433^**

5.000^***

0.367

(0.702)

(1.312)

(1.167)

cash

0.335^*

0.257

0.420

(0.171)

(0.249)

(0.257)

Constant

3.541^***

−14.58^***

−9.646^*

−11.95^**

(0.897)

(3.307)

(5.393)

(5.927)

观测值

1072

1072

517

555

R-squared

0.450

0.479

0.547

0.589