Enterprise types

Private enterprise

SOE

Explained variables

Tobin’Q

Tobin’Q

Coefficient value

T-value

Coefficient value

T-value

Explained variables

INST

0.013

4.510^***

0.004

2.543^**

Control variables

SIZE

−0.825

−9.126^***

−0.218

−6.781^***

LEV

−0.016

−3.973^***

−0.033

−17.500^***

GROWTH

0.014

8.314^***

0.009

4.906^***

MER

0.08

7.907^***

0.015

2.835^***

TUR

0.096

0.894

0.177

3.028^***

FIRET

0.009

1.635

−0.009

−3.44^***

TEN

0.004

0.697

0.005

1.650^*

Adj-R²

0.193

0.455

F-statistics

51.123^***

106.637^***

Sample capacity

1674

1014