VARIABLES

(1)

(2)

(3) Non-SOEs

(4) SOEs

(5)

Stloan

Ltloan

Debtchange

Debtchange

Debtchange

DT

0.0023

−0.0055**

−0.0113*

−0.0059

−0.0109**

(0.59)

(−2.55)

(−1.69)

(−0.67)

(−2.15)

0.0034

(0.68)

0.0047*

(1.89)

Size

−0.0153***

0.0117***

0.0093

0.0002

0.0019

(−6.84)

(8.20)

(1.51)

(0.05)

(0.55)

PPE

0.0842***

0.0709***

0.0355

−0.0345

−0.0511***

(5.95)

(6.51)

(0.39)

(−0.96)

(−3.78)

ROA

0.0449*

0.0073

0.1827*

0.1185

0.1576*

(1.65)

(0.34)

(1.66)

(1.00)

(1.89)

Debtratio

0.3292***

0.0967***

−0.0013

0.0828***

0.0242

(14.42)

(13.03)

(−0.08)

(3.54)

(1.50)

Quickratio

−0.0031***

0.0035***

0.0008

0.0040

−0.0001

(−5.45)

(5.15)

(1.10)

(1.37)

(−0.08)

Z

0.0014***

−0.0004*

−0.0013***

−0.0031***

−0.0013***

(6.29)

(−1.77)

(−8.49)

(−2.64)

(−6.34)

SGA

−0.0846***

0.0217***

−0.0864***

−0.0076

−0.0771***

(−6.20)

(2.65)

(−3.70)

(−0.11)

(−3.35)

MB

−0.0065***

0.0028***

0.0197***

0.0227***

0.0184***

(−6.40)

(3.20)

(9.61)

(8.04)

(9.00)

Oversea

0.0013

0.0179***

0.0033

0.0049

0.0120

(0.20)

(4.71)

(0.44)

(0.78)

(1.63)

Icindex

−0.0000

−0.0000

0.0000***

0.0000

0.0000***

(−1.24)

(−1.18)

(3.70)

(0.43)

(4.66)

Ownership

−0.0263***

−0.0041*

−0.0173***

(−5.54)

(−1.78)

(−3.35)

Age

−0.0006**

0.0004**

−0.0018***

−0.0015*

−0.0019***

(−1.97)

(2.22)

(−4.35)

(−1.83)

(−3.87)

Divident

−0.0493***

−0.0311***

−0.0721***

0.0126

−0.0478***

(−5.09)

(−5.17)

(−3.58)

(0.66)

(−3.08)

OCF

−0.0628***

−0.0086

−0.1238***

−0.0699**

−0.0968***

(−6.69)

(−0.95)

(−7.49)

(−2.39)

(−5.16)

Industry

Controlled

Controlled

Controlled

Controlled

Controlled

Year

Controlled

Controlled

Controlled

Controlled

Controlled

Constant

0.3629***

−0.2167***

−0.1287

0.0149

0.4076***

(7.74)

(−3.78)

(−1.10)

(0.24)

(3.47)

Observations

10,710

10,710

7162

3548

10,710

Adjusted R-squared

0.4137

0.3423

0.0380

0.0167

0.0407

F

203.6

90.97

19.09

5.333

10.18