| Variable | (1) | (2) | (3) |
| FA | FA | FA | |
| L.CNMPU | −0.016*** |
|
|
|
| (−7.69) |
|
|
| L.SHIBOR1WSD |
| −0.012*** |
|
|
|
| (−8.12) |
|
| L.MPU |
|
| −0.044*** |
|
|
|
| (−2.63) |
| Constant | 0.481*** | 0.426*** | 0.397*** |
|
| (6.36) | (5.66) | (4.93) |
| Firm controls | YES | YES | YES |
| Macroeconomic controls | YES | YES | YES |
| Firm-fixed effect | YES | YES | YES |
| Observations | 21,854 | 21,854 | 20,144 |
| R2 | 0.145 | 0.144 | 0.138 |