|
| 变量名 |
(1) |
(2) |
(3) |
(4) |
| 固定效果 |
磁滞效应 |
| 挪用资金 |
关联方交易 |
挪用资金 |
关联方交易 |
|
| 机构投资者小团体的份额比例 |
−0.0010 |
−0.0015 |
|
|
| (−7.0863) |
(−1.9533) |
|
|
|
| 滞后一期的机构投资者集团 |
|
|
−0.0008 |
−0.001 |
|
|
(−5.6417) |
(−1.9709) |
|
| 公司规模 |
−0.0327 |
−0.0297 |
−0.0258 |
−0.0163 |
| (−6.9354) |
(−2.0493) |
(−5.9841) |
(−1.0560) |
|
| 市场价值 |
0.0325 |
0.022 |
0.0254 |
0.0014 |
| −6.9931 |
−1.4447 |
−5.9053 |
−0.0857 |
|
| 控股股东的持股比例 |
−0.0008 |
−0.0005 |
−0.0007 |
−0.0004 |
| (−9.5862) |
(−1.2148) |
(−8.6907) |
(−0.8240) |
|
| 管理层持股比例 |
−0.0003 |
−0.0022 |
−0.0002 |
−0.0021 |
| (−4.7924) |
(−7.4665) |
(−3.1775) |
(−6.5030) |
|
| 两权分离 |
−0.0003 |
0.0009 |
−0.0003 |
0.001 |
| (−2.4973) |
−1.1914 |
(−2.1232) |
−1.2349 |
|
| 公司的年龄 |
0.0007 |
0.0043 |
0.0005 |
0.0036 |
| −3.081 |
−3.7444 |
−2.0656 |
−2.9654 |
|
| 董事会规模 |
−0.0006 |
−0.0004 |
0 |
0.0007 |
| (−0.7728) |
(−0.1104) |
(−0.0183) |
−0.161 |
|
| 数量的大会 |
0.0034 |
0.0405 |
0.0033 |
0.0419 |
| −7.1606 |
−14.2918 |
−6.5102 |
−13.4608 |
|
| 公司的性质 |
−0.0031 |
−0.0029 |
−0.0015 |
0.0017 |
| (−1.7258) |
(−0.3230) |
(−0.8104) |
−0.1681 |
|
| 股权制衡 |
−0.0065 |
−0.0343 |
−0.0071 |
−0.0362 |
| (−5.2499) |
(−5.4514) |
(−5.3599) |
(−5.1188) |
|
| 常数项 |
0.0671 |
0.3524 |
0.0689 |
0.5105 |
| −2.5648 |
−2.4859 |
−2.44 |
−3.2573 |
|
| N |
21240年 |
21240年 |
17496年 |
17496年 |
|
|
