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 |