|
| 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 |