变量

被解释变量

提前2年

提前3年

talk

0.465

−0.692

(0.689)

(1.019)

soe

0.997^***

0.977^***

(0.308)

(0.308)

size

0.631^***

0.632^***

(0.135)

(0.135)

flow

−3.327^**

−3.342^**

(1.601)

(1.599)

age

−0.0315

−0.0316

(0.0276)

(0.0275)

first

−0.00749

−0.00748

(0.0104)

(0.0104)

leve

−1.272^*

−1.268^*

(0.663)

(0.669)

roa

1.059

1.075

(0.712)

(0.714)

board

1.393^*

1.444^**

(0.729)

(0.725)

cash

0.354^**

0.342^*

(0.175)

(0.175)

Constant

−14.99^***

−14.05^***

(3.383)

(3.476)

观测值

1072

1072

R-squared

0.467

0.467