国有产权、政府层级与集团内部资本市场运作机制研究附表

国有产权、政府层级与集团内部资本市场运作机制研究附表

附表1企业投资与国有集团内部资本市场的相关系数矩阵INVRDCFOCFSIZEAGELEVGROWTHTOBIN_QROACENTRALBOARDSIZECF0.205***0.117***1OCF-0.031***0.0210.0251SIZE0.204***-0.107***0.094***-0.166***1AGE-0.105***-0.141***-0.075***0.045***0.048***1LEV-0.048***-0.173***-0.113***-0.097***0.259***0.234***1GROWTH0.052***0.0130.029*-0.0270.087***-0.04**0.052***1TOBIN_Q0.031*0.184***0.071***0.096***-0.242***0.107***-0.197***01ROA0.168***0.167***0.224***0.0180.143***-0.096***-0.391***0.166***0.157***1CENTRAL0.087***0.0380.092***-0.009*0.245***-0.306***-0.0170.082***-0.116***0.115***1BOARDSIZE0.072***-0.060.071***-0.058***0.217***-0.042***0.0070.024-0.107***0.041-0.0381MAR-0.053***0.113***-0.033**-0.021**0.205***0.322***0.066***-0.0130.171***0.086***-0.021-0.081***附表1企业投资与国有集团内部资本市场的相关系数矩阵附表2高管个人收益与国有集团内部资本市场的相关系数矩阵SALARYMANA_FEECFOCFSIZELEVGROWTHTOBIN_QROAPROFITEXE_HOLDCENTRALBOARDSIZECF-0.109***-0.097***1OCF0.053***0.036*0.044***1SIZE-0.374***-0.210***0.074***-0.171***1LEV-0.197***-0.161***-0.145***-0.131***0.321***1GROWTH-0.109***-0.078***0.053***-0.027***0.077***0.079***1TOBIN_Q0.190***0.114***0.063***0.099***-0.295***-0.246***0.0251ROA0.0110.160***0.140***0.058***-0.013-0.083***0.044***0.026*1PROFIT-0.247***-0.184***0.257***-0.041***0.165***-0.271***0.155***0.039**0.164***1EXE_HOLD0.101***0.0300.020-0.019-0.067***-0.127***0.0070.089***0.047***0.092***1CENTRAL-0.136***-0.072***0.073***-0.0190.245***-0.0080.077***-0.136***0.029*0.135***-0.081***1BOARDSIZE-0.086***0.0070.077***-0.06***0.217***0.03*0.009-0.12***-0.0020.056***-0.060***-0.038**1MAR0.031*-0.090***-0.033**-0.0170.205***0.048***-0.049***0.14***0.04**0.0180.029*-0.021-0.081***附表2高管个人收益与国有集团内部资本市场的相关系数矩阵附表3股利政策与国有集团内部资本市场的相关系数矩阵D_DIVDIVTACFOCFINVSIZELEVTBOIN_QGROWTHROAEBITDAACENTRALEXE_HOLDBOARDSIZECF0.174***0.305***1OCF0.0040.069***0.0251INV0.155***0.191***0.205***-0.031*1SIZE0.294***0.074***0.094***-0.166***0.204***1LEV-0.193***-0.275***-0.116***-0.135***0.068***0.321***1GROWTH-0.0280.125***0.072***0.101***-0.104***-0.306***-0.256***1TOBIN_Q0.05***0.2***0.169***-0.0020.413***0.077***0.079***0.0221ROA0.433***0.403***0.363***0.041**0.147***0.101***-0.355***0.160***0.151***1EBITDA0.340***0.476***0.480***0.029*0.391***0.161***-0.201***0.133***0.423***0.807***1CENTRAL0.137***0.142***0.092***-0.0090.087***0.245***-0.008-0.140***0.077***0.116***0.143***1ECE_HOLD0.099***0.101***0.034**-0.0160.04**-0.067***-0.127***0.085***0.0070.115***0.072***-0.081***1BOARDSIZE0.075***0.052***0.071***-0.058***0.072***0.217***0.030*-0.123***0.0090.0130.046***-0.038**-0.060***1MAR0.0