| lag one phase | recent | ||
| Invest1 | Invest1 | Invest1 | Invest1 |
shuji | 0.00828** |
| 0.000321 |
|
| (0.00344) |
| (0.00353) |
|
shizhang |
| 0.000698 |
| 0.00393 |
|
| (0.00295) |
| (0.00337) |
cash | 0.0893*** | 0.0898*** | 0.0898*** | 0.0904*** |
| (0.0292) | (0.0291) | (0.0292) | (0.0291) |
assetdebt | 0.0921** | 0.0916** | 0.0917** | 0.0917** |
| (0.0455) | (0.0454) | (0.0456) | (0.0453) |
growth | −0.0977** | −0.0974** | −0.0975** | −0.0974** |
| (0.0418) | (0.0416) | (0.0418) | (0.0416) |
roa | 0.00131*** | 0.00130*** | 0.00130*** | 0.00130*** |
| (0.000187) | (0.000187) | (0.000187) | (0.000187) |
occupy | −0.345*** | −0.347*** | −0.347*** | −0.348*** |
| (0.0864) | (0.0863) | (0.0863) | (0.0863) |
managefee | −0.430*** | −0.430*** | −0.430*** | −0.431*** |
| (0.0908) | (0.0907) | (0.0907) | (0.0907) |
gdp | 0.0899** | 0.0888** | 0.0890** | 0.0893** |
| (0.0421) | (0.0421) | (0.0420) | (0.0421) |
_cons | 0.124*** | 0.132*** | 0.133*** | 0.128*** |
| (0.0150) | (0.0147) | (0.0154) | (0.0154) |
year | control | control | control | control |
ind | control | control | control | control |
adj. R2 | 0.071 | 0.071 | 0.071 | 0.071 |
N | 5175 | 5175 | 5175 | 5175 |