| DIST≤40 km （1） | DIST≤40 km （2） | DIST≤40 km （3） | DIST>40 km （4） | DIST>40 km （5） | |
|---|---|---|---|---|---|
| Distance | -0.039** | -0.031* | -0.035** | 0.035 | 0.039 |
| Distance·Dual | -0.064* | -0.078 | |||
| Density | 0.623*** | 0.623*** | 0.884*** | 0.884*** | |
| Dual | 0.057* | 0.069** | 0.045 | -0.017 | 0.102 |
| Lev | -0.329*** | -0.162** | -0.158* | -0.344*** | -0.344*** |
| ROA | -0.160 | -0.125 | -0.118 | -0.253 | -0.242 |
| Cash | -1.038*** | -0.778*** | -0.761*** | -0.069 | -0.082 |
| Size | 0.094*** | 0.073*** | 0.073*** | 0.083*** | 0.082*** |
| Age | -0.161*** | -0.101** | -0.097** | -0.080* | -0.078 |
| Board | -0.012 | 0.056 | 0.056 | -0.045 | -0.047 |
| SOE | -0.229*** | -0.140*** | -0.140*** | -0.081** | -0.081** |
| R&D | 0.085*** | 0.052*** | 0.052*** | -0.038** | -0.035** |
| Univ | 0.026 | -0.036 | -0.038 | -0.014 | -0.026 |
| Constant | -0.551 | -1.238*** | -1.247*** | -0.620* | -0.578 |
| YearDum | Yes | Yes | Yes | Yes | Yes |
| IndDum | Yes | Yes | Yes | Yes | Yes |
| N | 5617 | 5617 | 5617 | 1786 | 1786 |
| Adj.R² | 0.284 | 0.415 | 0.415 | 0.696 | 0.696 |
