上市第一年

上市第二年

DA

DA

SI_Cost

−0.0571^*

0.0310^*

(−1.9520)

(1.8963)

Lnsize

0.0124

0.0022

(1.0810)

(0.3603)

Lev

−0.1662^***

−0.0371

(−2.6902)

(−1.1011)

ATO

0.1335^***

0.1143^***

(4.5585)

(5.4195)

Cashflow

−0.3583^***

−0.1515^***

(−3.5699)

(−2.8776)

Growth

−0.0003

−0.0000

(−0.5623)

(−0.1453)

Board

0.0381

−0.0625^**

(0.7439)

(−2.1587)

Indep

0.1534

−0.1435

(0.8510)

(−1.4138)

Top10

−0.0033

−0.1305^***

(−0.0455)

(−3.5091)

Dual

−0.0011

−0.0039

(−0.0688)

(−0.4719)

Industry

Yes

Yes

Year

Yes

Yes

Underwriter

Yes

Yes

_cons

0.0704

0.2583^***

(0.4029)

(2.7471)

N

374

210

R²

0.283

0.407