| 变量 | ENV | ENV |
| Overseas_dum | 0.248*** |
|
|
| (−2.68) |
|
| Overseas_num |
| 0.126*** |
|
|
| (−2.69) |
| Size | 0.888*** | 0.887*** |
|
| (−9.34) | (−9.33) |
| Lev | 0.760** | 0.754** |
|
| (−2.02) | (−2.01) |
| ROA | −0.668 | −0.687 |
|
| (−1.14) | (−1.18) |
| Capital | −1.720* | −1.727* |
|
| (−1.93) | (−1.93) |
| R&D | −0.000671 | −0.00165 |
|
| (−0.05) | (−0.13) |
| Board | −0.0354 | −0.0415 |
|
| (−0.93) | (−1.09) |
| TobinQ | 0.0553** | 0.0562** |
|
| (−1.99) | (−2.02) |
| top10 | −0.0478*** | −0.0478*** |
|
| (−9.94) | (−9.95) |
| _cons | −11.93*** | −11.83*** |
|
| (−5.97) | (−5.92) |
| N | 16242 | 16242 |
| R-sq | 0.171 | 0.171 |
| F | 165.1 | 165.1 |