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:,,:;;,,,:;;:F123.6:A:CN43-1027/F(2009)1-037-02:;,,410114(),,,(PanelData),,,,;,(F),,(White)(),(),:I=c+X1+X2+X3+X4+X5+D1+I(ZCYYRAROACDBDCZ)D1():1;0c()11,,(ZC)(YY)(RAROA)(CD)(BD)(CZ)21,,,(X1)(X2)(X5)(X3)(X4)(D1)1(I)ZCYYRAROACDBDCZX1X2X3X4X5D1(),Eviews5.0PanelData,PoolEstimationCross-sectiFixedEffects,,:11(ZC)ZC=f(X2,X3,X5)=29579.31219+705.67421273X2-557.16785133X5-3520.8632973X3(4.023456)(3.952987)(-2.247342)(-2.187953)R-squared0.973506F-statistic82.67565AdjustedR-squared0.961736Durbin-Watsonstat1.49815121(YY)YY=f(X2,X5)=395.2824232+28.609570533X2-9.0982042953X5(3.776594)(4.586500)(-3.217421)R-squared0.891060F-statistic28.25590AdjustedR-squared0.859524Durbin-Watsonstat0.85767431(RAROA)RAROA=f(X2,X5)=0.5600708303+0.031117938533X2-0.021479174083X5(5.698133)(4.038183)(2.15966321)R-squared0.725698F-statistic17.874590AdjustedR-squared0.701456Durbin-Watsonstat1.09876941(CD)CD=f(X1,X5)=68.46252621+1.1855053143X1-0.39814456183X573/(53.762567)(2.103549)(-2.928449)R-squared0.785698F-statistic21.874590AdjustedR-squared0.751456Durbin-Watsonstat1.52876951(BD)BD=f(X2,X3,X5)=0.073078043473X2+0.22307074963X5-0.42865026183X3(2.895221)(6.319179)(-2.544318)R-squared0.917513F-statistic25.95399AdjustedR-squared0.882162Durbin-Watsonstat1.47477361(CZ)CZ=f(X2,X5,D1)=8.099897159+0.13614017363X2-0.15117258553X5+2.9662983663D1(11.74696)(2.524660)(-2.568245)(2.008946)R-squared0.804446F-statistic20.67565AdjustedR-squared0.761731Durbin-Watsonstat1.498151()6,:,,T5%t,,:11,,,,,,;,,,5%,20%,25%,,,,,,,,,,,,21,10,,,,,,;,,,,,,,,,,,,,,,,,;;,31,,,,;,,,,,,,,,,,,,,:[1]E.PhilipDavis.Institutionalinvestors,corporategovernanceandtheperformanceofthecorporatesector.EconomicSystems.2002,(26):203-229;[2]LaPorta,R.,F.Lopez-de-Silanes,andA.Shleifer,Corpo2rateOwnershipAroundtheWorld,NBERworkingpaperNo.6625,1998,26-35;[3]..,2006,(3):29-34(:)83/2009/1