变量

模型1：TQ

模型2：IPA

模型3：TQ

模型4：TQ

TEC

3.603^**

0.418^**

3.323^**

(2.48)

(2.36)

(2.29)

HC

2.388^***

0.496^***

2.055^**

(3.02)

(5.15)

(2.58)

IPA

0.840^***

0.670^***

(3.31)

(2.61)

AGE

0.240^***

−0.001

0.251^***

0.240^***

(5.94)

(−0.22)

(6.24)

(5.97)

SIZE

−0.568^***

0.003

−0.583^***

−0.570^***

(−3.80)

(0.16)

(−3.89)

(−3.82)

IA

9.276^***

−0.200

8.874^***

9.410^***

(3.73)

(−0.66)

(3.56)

(3.79)

AG

0.333^***

0.014^*

0.335^***

0.324^***

(4.93)

(1.67)

(4.98)

(4.80)

ROA

2.428^***

−0.072

2.410^***

2.476^***

(3.99)

(−0.96)

(3.96)

(4.08)

RIP

−0.095^***

0.009^***

−0.101^***

−0.101^***

(−4.92)

(3.61)

(−5.18)

(−5.19)

CONS

10.755^***

0.085

11.537^***

10.697^***

(3.64)

(0.24)

(3.91)

(3.63)

N

1190

1190

1190

1190

R²

0.101

0.058

0.095

0.107

F

14.266^***

7.796^***

15.259^***

13.512^***