Path A

Path B

Path C

Tobin’s Q

Top10

Tobin’s Q

Coef.

t

Coef.

t

Coef.

t

Treat

1.737^***

3.22

3.143^***

3.51

1.778^***

3.25

Size

−1.075^***

−6.35

1.886^***

12.60

−1.050^***

−6.39

Growth

0.001^**

2.15

0.019^***

5.50

0.002^***

2.49

Inv

−0.015^**

−1.98

0.253

1.47

−0.012^**

−2.06

ROE

0.233

0.65

7.046^***

3.28

0.326

0.89

Dir

2.192^***

4.06

9.451^***

2.85

2.316^***

4.24

Top10

−0.013^***

−3.84

_cons

24.677^***

6.65

12.207^***

3.55

24.837^***

6.64

控制年份

是

是

是

N

7241

7241

7241

R-squared

0.1167

0.0458

0.1189