| Variables | Coefficient (1) | Coefficient (2) | Variables | Coefficient (3) | Coefficient (4) |
| L1. rqye | 0. 0075 (1. 75) | 0. 0115*** (2. 45) | L1. rqyl | 0. 0063 (1. 34) | 0. 0093** (1. 97) |
| L2. rqye | 0. 005 (1. 19) | 0. 0099** (2. 12) | L2. rqyl | 0. 0049 (1. 04) | 0. 0079* (1. 67) |
| L1. rzye |
| −1. 3997*** (−21. 51) | L1. rzye |
| −1. 3970*** (−21. 48) |
| L2. rzye |
| −0. 9414*** (−14. 60) | L2. rzye |
| −0. 9404*** (−14. 58) |
| ln (ltsz) | −0. 0351*** (−6. 37) | −0. 0326*** (−5. 92) | ln (ltsz) | −0. 0351*** (−6. 37) | −0. 3255*** (−5. 91) |
| zhf | 0. 7461*** (11. 36) | 0. 6560*** (9. 99) | zhf | 0. 7457*** (11. 35) | 0. 6553*** (9. 98) |
| hsl | −1. 0429*** (−12. 86) | −0. 6723*** (−8. 18) | hsl | −1. 0396*** (−12. 83) | −0. 6671*** (−8. 12) |
| cons | 0. 9966*** (7. 84) | 0. 9296*** (7. 32) | cons | 0. 9963*** (7. 83) | 0. 9291*** (7. 32) |
| Company/time fix effect | control | control | Company/time fix effect | control | control |
| R2 | 0. 024 | 0. 024 | R2 | 0. 024 | O. 027 |
| N | 245, 663 | 245, 663 | N | 245, 663 | 245, 663 |
| id | 248 | 248 | id | 248 | 248 |