LnLOAN

LTD

LA

Listed

Non-listed

Listed

Non-listed

Listed

Non-listed

L1.

0.0000

0.8022***

0.7188***

0.7951***

0.7855***

0.7105***

(3.3805)

(0.2853)

(0.1776)

(0.1582)

(0.1790)

(0.1175)

L2.

−0.1701

−0.1062

0.0011

0.0133

0.0385

−0.0051

(3.0635)

(0.1478)

(0.166)

(0.1708)

(0.2326)

(0.1078)

CAR

0.0034

−0.0056

−0.1901

−0.1088

0.0792

−1.0800***

(0.0472)

(0.0278)

(0.8159)

(0.0000)

(0.5497)

(0.4183)

SIZE

0.1451

0.2586*

0.8149

−0.9057

0.5885

−3.4607

(0.3095)

(0.1529)

(0.7526)

(2.1628)

(0.9722)

(1.8291)

ROA

0.0557

0.0221

2.6185

−0.2613

3.9819

−0.7389

(0.0119)

(0.0009)

(0.1604)

(0.0849)

(0.0705)

(0.0416)

LR

−0.0006

−0.0006

−0.0895

−0.0207

−0.0935

−0.0235

(0.2089)

(0.1428)

(3.8433)

(5.2225)

(3.1442)

(5.0764)

CTI

0.0020

0.0034

0.1928

0.1599

0.2562

0.0197

(0.0181)

(0.003)

(0.131)

(0.0352)

(0.1207)

(0.0463)

NIRR

−0.0003

−0.0012

−0.0120

−0.1113

0.0655

−0.1285***

(0.0071)

(0.0134)

(0.2443)

(0.2866)

(0.1898)

(0.3715)

EA

−0.2874

1.2084

125.2736

72.4289

48.7972

79.8303

(0.0119)

(0.0009)

(0.1604)

(0.0849)

(0.0705)

(0.0416)

LnEPU2

−0.0121

−0.0258***

−1.4439

−2.8313***

−0.6240

−1.8536

(7.6491)

(2.4094)

(107.2363)

(72.9726)

(93.3176)

(59.2547)

GGDP

−0.0575

−0.0642

−1.7784

−3.4639

−2.5296*

−4.0053***

(0.1790)

(0.0099)

(1.3160)

(0.8153)

(0.8074)

(1.1318)

CPI

0.0339

0.0330

0.8138

1.4478

1.6279*

1.6608**

(0.4187)

(0.0448)

(1.0949)

(2.7468)

(1.3911)

(1.2073)

M2

0.0253

0.0204**

0.5790*

0.5193

0.9315***

0.7822**

(0.1441)

(0.0257)

(0.768)

(1.5707)

(0.9001)

(0.7560)

_cons

−0.0984

0.7446

3.7877

50.9101

−11.8998

105.1589**

(0.0676)

(0.0100)

(0.3514)

(0.7456)

(0.3403)

(0.3657)

AR(2)

0.7035

0.8343

0.3497

0.1713

0.7259

0.4697

Sargan

1.0000

0.9218

1.0000

0.8792

1.0000

0.9222