|
| 模型(1) TFP_OP | 模型(2) TFP_OP |
| MEPay | 0.081*** |
|
|
| (6.88) |
|
| MMPay |
| 0.029*** |
|
|
| (2.701) |
| MMPaySQ |
| −0.034** |
|
|
| (−1.39) |
| Size | 0.285*** | 0.301*** |
|
| (31.85) | (34.27) |
| Roa | 0.881*** | 0.919*** |
|
| (11.57) | (12.08) |
| Lev | 0.405*** | 0.399*** |
|
| (9.93) | (9.76) |
| Mshare | 0.000 | 0.000 |
|
| (0.95) | (0.98) |
| Age | −0.001 | −0.002 |
|
| (−1.04) | (−1.38) |
| Board | −0.014*** | −0.014*** |
|
| (−2.99) | (−3.00) |
| TobinQ | −0.007 | −0.005 |
|
| (−1.48) | (−1.02) |
| ROP | 0.000 | 0.000 |
|
| (1.25) | (1.19) |
| Year | 控制 | 控制 |
| Ind | 控制 | 控制 |
| 常数项 | 4.233*** | 4.101*** |
|
| (19.96) | (9.07) |
| N | 7780 | 7780 |
| adj. R2 | 0.4794 | 0.4772 |