VARIABLES

FE

FE

did

0.014***

0.013***

(0.001)

(0.001)

lnsize_w

-0.007***

(0.000)

lev_w

-0.009***

(0.002)

SOE

0.001

(0.001)

Growth_w

0.001*

(0.000)

roa_w

0.068***

(0.004)

Top10

-0.002

(0.002)

总资产周转率

0.009***

(0.001)

Constant

0.605***

0.760***

(0.001)

(0.008)

Observations

14,196

14,196

R-squared

0.874

0.885

Number of id

1,014

1,014

yearfix

YES

YES

idfix

YES

YES