(1)

(2)

(3)

变量名称

Inveff

Overinv

Underinv

MA

−0.008^***

−0.010^**

−0.005^***

(−4.52)

(−2.41)

(−2.67)

Age

−0.009^***

−0.012^***

−0.007^***

(−18.11)

(−11.84)

(−15.84)

Lev

0.004^**

0.015^***

−0.006^***

(2.07)

(3.75)

(−3.37)

Size

−0.001^***

−0.001

−0.002^***

(−3.84)

(−1.22)

(−6.78)

Indep

0.005

−0.004

0.007

(1.06)

(−0.38)

(1.50)

FCF

0.002

0.005

−0.004

(0.48)

(0.50)

(−0.85)

TQ

0.002^***

0.002^***

0.002^***

(7.94)

(3.35)

(8.13)

Growth

0.021^***

0.032^***

0.009^***

(16.80)

(15.00)

(7.08)

Dual

0.001^**

0.002

0.000

(2.27)

(1.37)

(0.43)

Return

−0.001

0.001

−0.004^***

(−1.50)

(0.77)

(−6.03)

ROA

−0.014^***

−0.003

−0.025^***

(−2.62)

(−0.22)

(−4.50)

Cons

0.071^***

0.073^***

0.083^***

(11.55)

(5.56)

(14.97)

Year

Yes

Yes

Yes

Industry

Yes

Yes

Yes

N

20318

7478

12840

Adj-R2

0.105

0.132

0.119