(1)

(2)

(3)

(4)

变量名称

FC

Inveff

Overinv

Underinv

MA

−0.439^***

−0.008^***

−0.009^**

−0.004^**

(−7.83)

(−4.29)

(−2.38)

(−2.22)

FC

0.001^***

0.001^*

0.001^***

(4.25)

(1.74)

(6.20)

Age

0.303^***

−0.009^***

−0.012^***

−0.007^***

(22.15)

(−18.65)

(−12.03)

(−16.59)

Lev

6.385^***

−0.002

0.010^**

−0.014^***

(114.84)

(−1.03)

(1.99)

(−6.43)

Size

−0.136^***

−0.001^***

−0.001

−0.002^***

(−16.07)

(−3.41)

(−1.05)

(−6.08)

Indep

0.395^***

0.005

−0.004

0.006

(2.81)

(0.98)

(−0.43)

(1.41)

FCF

−14.947^***

0.016^***

0.017

0.016^***

(−107.99)

(2.95)

(1.46)

(3.06)

TQB

0.404^***

0.002^***

0.001^***

0.001^***

(42.40)

(6.05)

(2.58)

(5.57)

Growth

−0.079^***

0.021^***

0.032^***

0.009^***

(−3.25)

(16.87)

(15.05)

(7.13)

Dual

−0.077^***

0.001^**

0.002

0.000

(−4.17)

(2.39)

(1.41)

(0.62)

Return

−0.058^**

−0.001

0.001

−0.004^***

(−2.52)

(−1.43)

(0.79)

(−5.92)

ROA

−7.159^***

−0.008

0.003

−0.016^***

(−41.14)

(−1.35)

(0.25)

(−2.77)

Cons

0.660^***

0.070^***

0.073^***

0.083^***

(3.59)

(11.47)

(5.53)

(14.81)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

N

20318

20318

7478

12840

Adj-R2

0.787

0.106

0.132

0.121