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 |