(1)

(2)

(3)

(4)

(5)

(6)

变量名称

Inveff

Overinv

Underinv

Inveff

Overinv

Underinv

MA

−0.009^***

−0.009^**

−0.005^***

−0.009^***

−0.011^***

−0.005^***

(−4.56)

(−2.38)

(−2.86)

(−4.76)

(−2.83)

(−2.69)

IGAP

0.001^***

0.001^*

0.001^***

(4.78)

(1.94)

(4.76)

MA*IGAP

−0.003^***

−0.003^**

−0.002^***

(−3.31)

(−1.98)

(−2.60)

EGAP

−0.001^**

−0.003^*

−0.002^**

(−1.99)

(−1.90)

(−2.11)

MA*EGAP

0.016^***

0.021^***

0.012^***

(4.27)

(2.85)

(3.31)

Age

−0.009^***

−0.012^***

−0.007^***

−0.009^***

−0.012^***

−0.007^***

(−18.26)

(−11.86)

(−16.02)

(−18.20)

(−11.88)

(−15.94)

Lev

0.004^**

0.015^***

−0.005^***

0.004^**

0.015^***

−0.006^***

(2.14)

(3.76)

(−3.24)

(2.07)

(3.72)

(−3.39)

Size

−0.001^***

−0.001

−0.002^***

−0.001^***

−0.000

−0.002^***

(−3.81)

(−1.21)

(−6.76)

(−2.62)

(−0.21)

(−5.42)

Indep

0.004

−0.005

0.005

0.005

−0.005

0.007

(0.74)

(−0.52)

(1.14)

(1.04)

(−0.46)

(1.51)

FCF

0.002

0.005

−0.004

0.002

0.006

−0.003

(0.44)

(0.53)

(−0.95)

(0.54)

(0.62)

(−0.81)

TQ

0.002^***

0.002^***

0.002^***

0.002^***

0.002^***

0.002^***

(7.52)

(3.18)

(7.72)

(7.98)

(3.42)

(8.21)

Growth

0.021^***

0.032^***

0.008^***

0.021^***

0.032^***

0.009^***

(16.79)

(15.01)

(7.05)

(16.84)

(14.98)

(7.12)

Dual

0.001^**

0.002

0.000

0.001^**

0.002

0.000

(2.03)

(1.29)

(0.17)

(2.33)

(1.43)

(0.46)

Return

−0.001

0.001

−0.004^***

−0.001

0.001

−0.004^***

(−1.38)

(0.80)

(−5.86)

(−1.56)

(0.75)

(−6.11)

ROA

−0.013^**

−0.002

−0.023^***

−0.013^**

0.001

−0.024^***

(−2.39)

(−0.18)

(−4.19)

(−2.29)

(0.07)

(−4.21)

Cons

0.072^***

0.074^***

0.084^***

0.064^***

0.060^***

0.078^***

(11.70)

(5.62)

(15.15)

(9.72)

(4.17)

(12.86)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Yes

Yes

N

20318

7478

12840

20318

7478

12840

Adj-R2

0.107

0.132

0.121

0.106

0.133

0.120