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表 8 公 司 治 理 结 构 决 定 因 素 的 回 归 分 析boardboard_frequencyindependent_directormanager_shareholderlarge_shareholderexternal_auditregular_reportdprobit oprobit oprobit dprobit oprobit dprobit dprobitgov_adminstrate 0.088** 0.127* 0.255*** 0.059* 0.245*** 0.064** 0.080***[2.26] [1.67] [3.04] [1.94] [2.87] [2.07] [3.17]association 0.113** 0.11 0.11 0.072* -0.09 0.082** 0.02[2.53] [1.13] [1.05] [1.86] [0.91] [2.32] [0.78]shareholder_gov 0.06 0.16 0.03 0.096* 0.304** -0.104* 0.02[0.86] [1.16] [0.17] [1.78] [2.14] [1.66] [0.41]shareholder_pastjob 0.035** 0.02 0.018* 0.034*** 0.01 0.01 0.041***[2.31] [1.10] [1.65] [2.92] [0.80] [0.76] [3.12]manager_importance 0.042* 0.094** 0.118** 0.043** 0.03 0.01 0.037**[1.80] [1.99] [2.53] [2.31] [0.50] [0.51] [2.55]manager_education 0.02 0.02 0.05 -0.092*** -0.01 0.107*** 0.041**[0.64] [0.26] [0.74] [3.60] [0.20] [4.30] [1.98]worker_education 0.02 0.116** 0.07 -0.01 0.07 0.081*** 0.062***[0.72] [1.97] [1.05] [0.57] [1.21] [2.80] [2.72]unions 0.128** 0.16 0.259** -0.01 -0.09 0.05 0.04[2.46] [1.48] [2.40] [0.25] [0.76] [1.30] [1.21]market_competition 0.03 0.05 0.10 0.03 0.07 0.05 0.02[0.75] [0.58] [1.07] [0.77] [0.73] [1.33] [0.82]listing 0.098*** 0.131** 0.227*** -0.043* -0.08 0.098*** 0.064***[3.16] [2.24] [3.82] [1.76] [1.13] [2.81] [2.58]export 0.049*** 0.074** 0.096*** 0.01 0.02 0.02 0.01[2.86] [2.10] [2.82] [0.51] [0.49] [1.23] [1.21]Log (employment) 0.041** -0.04 0.04 -0.044*** 0.02 0.00 0.00[2.06] [0.93] [0.87] [2.68] [0.43] [0.26] [0.13]Log (capital_labour_ratio) 0.03 -0.03 -0.02 -0.046** -0.02 0.038** 0.02[1.28] [0.77] [0.53] [2.57] [0.46] [2.51] [1.37]Observations 708 789 789 752 624 776 723Pseudo R2 0.150 0.061 0.056 0.187 0.048 0.158 0.169z 和 P>|z| 对 应 着 检 验 系 数 是 否 为 0; *10% 水 平 下 显 著 ; **5% 水 平 下 显 著 ; ***1% 水 平 下 显 著虚 拟 变 量 的 回 归 结 果 没 有 汇 报表 9 公 司 治 理 结 构 的 决 定 因 素 稳 健 性 分 析boardboard_ independent_ manager_shar large_ external regularfrequency director eholder shareholder _audit _reportdprobit oprobit oprobit dprobit oprobit dprobit dprobitgovern_check 0.114** -0.16 -0.11 0.02 0.01 0.117*** 0.00[2.08] [1.42] [0.89] [0.55] [0.11] [2.60] [0.10]owner_NPCmember 0.07 0.162* 0.194* 0.02 -0.06 0.03 0.04[1.36] [1.70] [1.93] [0.59] [0.64] [0.70] [1.28]manager_contract 0.223*** 0.303*** 0.367*** -0.106*** 0.15 0.170*** 0.166***[5.30] [3.45] [4.02] [3.04] [1.60] [4.88] [5.62]management_education 0.01 0.04 -0.03 -0.027* -0.02 0.080*** 0.030**[0.54] [1.06] [0.78] [1.87] [0.40] [5.25] [2.29]collective_contract 0.084* 0.07 0.241*** 0.02 0.13 0.084** 0.061**[1.94] [0.75] [2.63] [0.71] [1.38] [2.38] [2.09]entrance_regulation 0.05 -0.09 -0.04 -0.05 -0.01 0.05 0.04[1.04] [0.97] [0.39] [1.39] [0.12] [1.45] [1.16]listing 0.077** 0.140** 0.185*** -0.03 -0.04 0.123*** 0.050*[2.22] [2.25] [2.86] [1.04] [0.57] [3.19] [1.94]export 0.057*** 0.098*** 0.103*** 0.00 0.02 0.02 0.02[3.18] [2.81] [2.97] [0.16] [0.54] [1.61] [1.45]Log (employment) 0.047** -0.06 0.06 -0.056*** 0.02 0.01 0.00[2.21] [1.24] [1.18] [3.19] [0.33] [0.41] [0.16]Log (capital_labour_ratio) 0.036* -0.01 0.01 -0.039** 0.00 0.037** 0.02[1.80] [0.20] [0.26] [2.24] [0.01] [2.27] [1.30]post_gaizhi_1 0.02 -0.28 -0.16 0.173* 0.27 0.10 -0.08[0.12] [0.91] [0.36] [1.86] [0.93] [0.76] [0.70]post_gaizhi_2 0.171** 0.592*** 0.314* 0.137** -0.02 -0.01 0.04[2.22] [3.47] [1.80] [2.42] [0.11] [0.18] [0.91]post_gaizhi_3 0.332*** 0.650*** 0.596*** 0.175*** 0.432** -0.03 0.118***[4.46] [3.89] [3.72] [3.16] [2.15] [0.40] [2.67]post_gaizhi_4 0.244*** 0.547*** 0.430** 0.182*** 0.577*** 0.08 0.101**[3.29] [3.33] [2.46] [3.26] [3.53] [1.25] [2.15]post_gaizhi_5 0.232*** 0.335** 0.10 0.129** 0.357** -0.05 0.03[3.11] [2.06] [0.62] [2.16] [2.03] [0.83] [0.61]post_gaizhi_6 0.312*** 0.440*** 0.722*** 0.215*** -0.07 0.09 0.113**[4.04] [2.63] [3.76] [3.27] [0.38] [1.30] [2.31]private_firms 0.134** 0.482*** 0.05 0.099** 0.605*** -0.02 0.126***[2.55] [4.59] [0.50] [2.24] [5.23] [0.35] [3.24]Observations 654 723 723 714 598 714 681Pseudo R2 0.202 0.058 0.056 0.164 0.045 0.189 0.167z 和 P>|z| 对 应 着 检 验 系 数 是 否 为 0; *10% 水 平 下 显 著 ; **5% 水 平 下 显 著 ; ***1% 水 平 下 显 著虚 拟 变 量 的 回 归 结 果 没 有 汇 报13