| 
 | 模型(1) TFP | 模型(2) TFP | 
| MEPay | 0.128*** | 
 | 
| 
 | (12.44) | 
 | 
| MMPay | 
 | 0.653** | 
| 
 | 
 | (3.83) | 
| MMPaySQ | 
 | −0.046* | 
| 
 | 
 | (−5.217) | 
| Size | 0.615*** | 0.635*** | 
| 
 | (79.18) | (83.10) | 
| Roa | 0.928*** | 0.980*** | 
| 
 | (14.30) | (15.09) | 
| Lev | 0.507*** | 0.497*** | 
| 
 | (14.47) | (14.14) | 
| Mshare | 0.000 | 0.000 | 
| 
 | (0.43) | (0.55) | 
| Age | −0.005*** | −0.006*** | 
| 
 | (−4.65) | (−5.15) | 
| Board | 0.001 | 0.000 | 
| 
 | (0.29) | (0.08) | 
| TobinQ | −0.008* | −0.005 | 
| 
 | (−1.95) | (−1.34) | 
| ROP | 0.000** | 0.000** | 
| 
 | (2.08) | (1.97) | 
| Year | 控制 | 控制 | 
| Ind | 控制 | 控制 | 
| 常数项 | 0.128*** | 0.721* | 
| 
 | (12.44) | (1.84) | 
| N | 8365 | 8365 | 
| R2 | 0.709 | 0.706 |