| 变量 | 模型9：TQ | 模型10：IPA | 模型11：TQ | 模型12：TQ |
| TEC | 3.311** (2.26) | 0.437** (2.48) |
| 3.040** (2.08) |
| HC | 2.262*** (2.79) | 0.440*** (4.51) |
| 1.989** (2.44) |
| IPA |
|
| 0.768*** (2.98) | 0.618** (2.38) |
| AGE | 0.136*** (4.43) | 0.005 (1.24) | 0.147*** (4.82) | 0.134*** (4.34) |
| SF | −0.164 (−1.38) | −0.045*** (−3.17) | −0.183 (−1.55) | −0.136 (−1.14) |
| IA | 10.469*** (4.24) | −0.174 (−0.58) | 10.155*** (4.11) | 10.576*** (4.29) |
| AG | 0.292*** (4.42) | 0.014* (1.76) | 0.291*** (4.43) | 0.283*** (4.30) |
| ROE | 0.556** (2.50) | −0.007 (−0.27) | 0.580*** (2.60) | 0.560** (2.52) |
| RIP | −0.104*** (−5.40) | 0.008*** (3.56) | −0.110*** (−5.67) | −0.109*** (−5.64) |
| CONS | 1.008 (1.11) | 0.434*** (3.95) | 1.578* (1.80) | 0.740 (0.81) |
| N | 1190 | 1190 | 1190 | 1190 |
| R2 | 0.085 | 0.067 | 0.080 | 0.090 |
| F | 11.770*** | 9.031*** | 12.522*** | 11.137*** |