(1)

(2)

(3)

RD1

RD

RD

SUBR

0.0138^*

0.450^***

(0.0078)

(0.0191)

L.SUBR

0.3000^***

(0.0188)

Size

0.0002

0.0026^***

0.0026^***

(0.0002)

(0.0006)

(0.0006)

Lev

0.0058^***

−0.0352^***

−0.0353^***

(0.0015)

(0.0036)

(0.0038)

ROA

0.0315^***

−0.0987^***

−0.0903^***

(0.0036)

(0.0089)

(0.0092)

board

0.0031^**

0.0008

0.0023

(0.0013)

(0.0032)

(0.0034)

indep

0.0135^***

0.0460^***

0.0490^***

(0.0043)

(0.0106)

(0.0111)

bm

−0.0031^***

−0.0055^***

−0.0054^***

(0.0003)

(0.0007)

(0.0007)

listage

−0.0010^**

−0.0091^***

−0.0102^***

(0.0004)

(0.0011)

(0.0012)

growth

−0.0014^**

−0.0034^**

−0.0083^***

(0.0006)

(0.0015)

(0.0017)

cons

−0.0071

−0.0374^**

−0.0348^**

(0.0060)

(0.0146)

(0.0151)

N

6510

6510

5580

R²

0.2446

0.3107

年份固定效应

YES

YES

YES

行业固定效应

YES

YES

YES