(1)

(2)

(3)

(4)

(5)

(6)

cashdtrbt

cashdtrbt

cashdtrbt

yfdtrbt

yfdtrbt

yfdtrbt

fdi1

−0.014***

−0.010*

−0.011**

(−3.53)

(−1.85)

(−2.15)

−0.000

0.004***

0.003**

fdi2

(−0.16)

(2.63)

(1.98)

size

−0.015***

−0.012***

−0.002***

−0.001**

(−6.43)

(−4.77)

(−5.51)

(−2.20)

ci

0.010***

0.010***

0.001***

0.001***

(5.19)

(5.19)

(4.75)

(4.65)

lev

0.012

0.020*

−0.008***

−0.005**

(1.03)

(1.67)

(−4.17)

(−2.35)

growth

0.002

0.002

0.001***

0.001***

(1.22)

(1.07)

(3.31)

(3.07)

soe

0.004

0.004

0.002**

0.001**

(1.05)

(1.00)

(2.14)

(2.06)

age

−0.003**

−0.002**

−0.000**

−0.000*

(−2.25)

(−2.21)

(−2.01)

(−1.92)

mngmhldn

−0.002***

−0.002***

−0.000**

−0.000***

(−3.29)

(−3.51)

(−2.55)

(−2.99)

roa

0.000

0.000**

(1.10)

(2.07)

tobin

0.003***

0.001***

(3.25)

(5.98)

Time effect

no

yes

yes

no

yes

yes

Industry effect

no

yes

yes

no

yes

yes

_cons

0.128***

0.486***

0.398***

0.020***

0.067***

0.037***

(76.49)

(9.35)

(7.26)

(77.49)

(7.75)

(3.85)

N

3605

3000

3000

3605

3000

3000