| 模型一 | 模型二 |
VAR | ROA | TFP |
Lev | −0.057*** | 0.002* |
| (0.012) | (0.001) |
TAR | 0.51 | 0.14*** |
| (0.346) | (0.019) |
Con | 0.089*** | -0.0025** |
| (0.018) | (0.001) |
Fin | −0.001 | 0.001 |
| (0.007) | (0.000) |
FYL | −0.29*** | -0.0065*** |
| (0.036) | (0.002) |
YF_1 | −0.301*** | -0.011*** |
| (0.032) | (0.002) |
YF_2 | −0.138*** | 0.001 |
| (0.037) | (0.003) |
YF_3 | 0.201** | 0.019*** |
| (0.064) | (0.005) |
_cons | 6.604*** | 0.119 |
| (1.501) | (0.081) |
N | 1720 | 1720 |
R2 | 0.212 | 0.214 |