| (1) | (2) |
| 国有企业 | 非国有企业 |
GC | −0.127** | −0.175*** |
| (−2.06) | (−2.76) |
size | −0.178** | −0.273** |
| (−2.04) | (−2.44) |
roa | 2.702 | 2.337 |
| (1.63) | (1.45) |
etaxrt | −0.633 | −0.654 |
| (−1.19) | (−0.83) |
kxzc_ln | 0.025 | 0.069 |
| (0.41) | (0.60) |
age | 0.253 | −0.744** |
| (0.64) | (−2.44) |
shcr1 | −2.502*** | −0.030 |
| (−3.03) | (−0.04) |
年份效应 | 控制 | 控制 |
行业效应 | 控制 | 控制 |
Constant | −12.665*** | −9.915*** |
| (−5.93) | (−3.66) |
Observations | 368 | 411 |
r2_a | 0.158 | 0.0723 |