| 变量 | 模型5：TQC | 模型6：IPA | 模型7：TQ | 模型8：TQ |
| TEC | 4.179*** (3.50) | 0.418** (2.36) |
| 3.968*** (3.32) |
| HC | 1.450** (2.24) | 0.496*** (5.15) |
| 1.200* (1.83) |
| IPA |
|
| 0.638*** (3.06) | 0.504** (2.39) |
| AGE | 0.220*** (6.64) | −0.001 (−0.22) | 0.227*** (6.85) | 0.220*** (6.67) |
| SIZE | −0.813*** (−6.62) | 0.003 (0.16) | −0.822*** (−6.67) | −0.815*** (−6.65) |
| IA | 5.081** (2.49) | −0.200 (−0.66) | 4.792** (2.34) | 5.181** (2.54) |
| AG | 0.222*** (4.01) | 0.014* (1.67) | 0.232*** (4.19) | 0.215*** (3.88) |
| ROA | 1.841*** (3.69) | −0.072 (−0.96) | 1.779*** (3.56) | 1.877*** (3.77) |
| RIP | −0.080*** (−5.04) | 0.009*** (3.61) | −0.082*** (−5.14) | −0.085*** (−5.29) |
| CONS | 16.514*** (6.82) | 0.085 (0.24) | 17.052*** (7.03) | 16.471*** (6.81) |
| N | 1190 | 1190 | 1190 | 1190 |
| R2 | 0.111 | 0.058 | 0.102 | 0.116 |
| F | 15.852*** | 7.796*** | 16.472*** | 14.792*** |