| 变量 | ENV |
| Overseas | 0.979** |
|
| (−2.5) |
| Size | 0.887*** |
|
| (−9.32) |
| Lev | 0.755** |
|
| (−2.01) |
| ROA | −0.679 |
|
| (−1.16) |
| Capital | −1.707* |
|
| (−1.91) |
| R&D | −0.00149 |
|
| (−0.12) |
| Board | −0.0261 |
|
| (−0.69) |
| TobinQ | 0.0562** |
|
| (−2.02) |
| top10 | −0.0478*** |
|
| (−9.94) |
| _cons | −11.94*** |
|
| (−5.98) |
| N | 16242 |
| R−sq | 0.171 |
| F | 155.1 |