国有企业

非国有企业

竞争程度高

竞争程度低

经济政策不确定性高

经济政策不确定性低

变量名称

Inveff

Inveff

Inveff

Inveff

Inveff

Inveff

MA

−0.003

−0.012^***

−0.004^*

−0.013^***

−0.006^*

−0.011^***

(−1.15)

(−4.49)

(−1.85)

(−4.57)

(−1.94)

(−4.35)

Age

−0.007^***

−0.009^***

−0.008^***

−0.009^***

−0.009^***

−0.008^***

(−8.22)

(−12.35)

(−12.56)

(−12.80)

(−12.30)

(−13.45)

Lev

−0.005^*

0.010^***

−0.002

0.009^***

−0.002

0.008^***

(−1.92)

(3.99)

(−0.92)

(3.43)

(−0.62)

(3.32)

Size

−0.001^***

−0.000

−0.001^*

−0.002^***

−0.001^***

−0.001^***

(−3.74)

(−0.64)

(−1.68)

(−3.91)

(−3.02)

(−2.65)

Indep

0.001

0.008

−0.002

0.010

0.003

0.007

(0.13)

(1.20)

(−0.38)

(1.34)

(0.42)

(1.07)

FCF

0.013^**

−0.004

0.008

−0.006

−0.002

0.006

(2.14)

(−0.64)

(1.45)

(−0.94)

(−0.25)

(1.07)

TQ

0.001^**

0.002^***

0.002^***

0.002^***

0.002^***

0.002^***

(2.49)

(7.06)

(6.05)

(5.30)

(4.62)

(6.49)

Growth

0.017^***

0.023^***

0.018^***

0.023^***

0.020^***

0.022^***

(8.33)

(13.94)

(10.75)

(12.82)

(11.43)

(12.38)

Dual

−0.002

0.000

0.002^**

0.001

0.001

0.001^*

(−1.48)

(0.58)

(2.03)

(1.12)

(1.42)

(1.70)

Return

−0.003^**

−0.001

−0.003^**

0.000

−0.002^*

−0.000

(−2.50)

(−0.56)

(−2.36)

(0.16)

(−1.85)

(−0.12)

ROA

−0.011

−0.014^**

−0.012

−0.015^*

−0.019^**

−0.012

(−1.12)

(−2.03)

(−1.55)

(−1.88)

(−2.40)

(−1.60)

Cons

0.079^***

0.049^***

0.063^***

0.083^***

0.083^***

0.062^***

(9.54)

(4.73)

(8.11)

(8.48)

(9.07)

(7.59)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Yes

Yes

N

7770

12168

10138

10180

9266

11052

Adj-R2

0.102

0.099

0.104

0.109

0.109

0.101