被解释变量

continue

duration

oldprop

(1)

(2)

(3)

ipostopdate

0.058^**

−0.999^*

0.014^***

(0.029)

(0.603)

(0.005)

ln(exp)

0.179^***

0.314^***

0.043^***

(0.004)

(0.100)

(0.001)

stagesetup

−0.247^***

−4.598^***

−0.035^***

(0.022)

(0.463)

(0.004)

stageexpand

0.019

0.232

−0.0002

(0.020)

(0.417)

(0.004)

statedum

0.220^***

4.131^***

0.069^***

(0.020)

(0.387)

(0.004)

VC_governback

−0.116^***

0.409

−0.023^***

(0.021)

(0.448)

(0.004)

distance

0.067^***

−0.048

0.011^***

(0.017)

(0.345)

(0.003)

uncertaintyma12

0.012

0.801^**

0.002

(0.019)

(0.379)

(0.003)

年度/行业

控制

控制

控制

截距项

−1.434^***

3.482

0.080^***

(0.158)

(3.144)

(0.029)

样本量

41,506

7818

41,506

对数似然函数

−18,556.420

AIC

37,184.830

R²

0.071

0.120

调整R²

0.067

0.119

残差标准误

13.252

0.271

F统计值

16.958^***

160.885^***