| 变量 | vul | asb | |||
|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | ||
| GR | -0.505*** | -0.514*** | -4.846*** | -5.317*** | |
| (0.023) | (0.023) | (1.267) | (1.289) | ||
| 常数项 | 0.929*** | 0.925*** | 0.553*** | 0.353 | |
| (0.003) | (0.006) | (0.144) | (0.392) | ||
| 样本量 | 23717 | 23310 | 23717 | 23310 | |
| R2 | 0.983 | 0.983 | 0.919 | 0.920 | |
| 控制变量 | NO | YES | NO | YES | |
| 企业固定效应 | YES | YES | YES | YES | |
| 行业固定效应 | YES | YES | YES | YES | |
| 年份固定效应 | YES | YES | YES | YES | |
| 城市×年份固定效应 | YES | YES | YES | YES | |
