被解释变量

continue

duration

oldprop

(1)

(2)

(3)

(4)

(5)

(6)

高资质

低资质

高资质

低资质

高资质

低资质

ipostopdate

0.079^**

0.025

−1.667^**

−0.047

0.029^***

0.006

(0.038)

(0.045)

(0.759)

(0.990)

(0.008)

(0.007)

stagesetup

−0.271^***

−0.160^***

−5.005^***

−3.432^***

−0.034^***

−0.032^***

(0.029)

(0.034)

(0.586)

(0.770)

(0.006)

(0.005)

stageexpand

0.028

0.020

0.757

−0.735

0.0002

0.002

(0.027)

(0.030)

(0.539)

(0.658)

(0.006)

(0.005)

statedum

0.371^***

0.287^***

5.086^***

1.601^**

0.118^***

0.061^***

(0.022)

(0.039)

(0.419)

(0.811)

(0.005)

(0.006)

VC_governback

0.003

−0.107^***

0.748

1.048

0.006

−0.018^***

(0.027)

(0.033)

(0.547)

(0.743)

(0.006)

(0.005)

distance

0.106^***

0.044

0.296

−0.753

0.020^***

0.011^**

(0.021)

(0.029)

(0.410)

(0.631)

(0.004)

(0.005)

uncertaintyma12

−0.006

0.037

1.190^***

−0.133

−0.004

0.007

(0.024)

(0.031)

(0.456)

(0.672)

(0.005)

(0.005)

year/industry

控制

控制

控制

控制

控制

控制

常数项

−0.522^***

−1.455^***

1.968

9.873^*

0.323^***

0.078^*

(0.197)

(0.254)

(3.739)

(5.551)

(0.042)

(0.040)

观测值

21,132

20,374

5,107

2,711

18,906

22,600

对数似然函数

−11,874.630

−6,954.783

AIC

23,817.260

13,979.570

R²

0.101

0.044

0.055

0.015

调整R²

0.095

0.032

0.053

0.013

残差标准误

12.991

13.526

0.270

0.278

F统计值

17.823^***

3.639^***

33.021^***

10.048^***