Loosening of Access Threshold and Downturns in Listed Firms Performance: A Quasi-Natural Experiment from the “IPO Green Channel” for Poverty Alleviation

Table 2

Regression results based on PSM-DID.

Variables	Model 5 ROA	Model 6 ROA	Model 7 ROE	Model 8 ROE
	−4.353	−2.465	−10.717	−7.758
	(1.791)	(1.471)	(3.374)	(3.067)
Fixed assets ratio		−0.033		−0.087
		(0.026)		(0.054)
Current ratio		0.085		0.057
		(0.030)		(0.062)
Quick ratio		−0.090		−0.065
		(0.031)		(0.064)
Net value of inventory		0.348		0.691
		(0.778)		(1.622)
Total assets		−9.852		−17.788
		(1.443)		(3.009)
Operating revenue		5.084		8.986
		(1.974)		(4.115)
Constant	8.364	38.128	13.417	70.286
	(0.393)	(8.457)	(0.740)	(17.635)
Observations	907	822	907	822
R-squared	0.165	0.287	0.231	0.307
Number of id	233	223	233	223

Note. , , and indicate significance at the 1%, 5%, and 10% levels, respectively. The t-values are in parentheses.