(1)

(2)

(3)

(4)

(5)

(6)

国有企业

民营企业

国有企业

民营企业

国有企业

民营企业

RD

RD

RD

RD

RD

RD

Com

1.047^*

1.125^***

1.057^**

1.155^***

1.046^**

1.148^***

(10.71)

(17.00)

(10.00)

(17.19)

(10.01)

(17.07)

Size

−0.00178^***

−0.00251^***

−0.00179^***

−0.00260^***

−0.00170^***

−0.00260^***

(−3.63)

(−9.51)

(−3.54)

(−9.69)

(−3.35)

(−9.65)

Fix

0.00707^***

0.0100^***

0.00898^***

0.0103^***

0.00861^***

0.0102^***

(3.02)

(7.33)

(3.69)

(7.45)

(3.57)

(7.42)

Grow

−0.000513^*

−0.00126^***

−0.000528^*

−0.00123^***

−0.000539^*

−0.00123^***

(−1.90)

(−6.98)

(−1.91)

(−6.75)

(−1.95)

(−6.74)

Turnover

0.0109^***

0.0192^***

0.0110^***

0.0193^***

0.0111^***

0.0193^***

(13.76)

(33.20)

(13.49)

(32.82)

(13.61)

(32.74)

RDP

0.0253^***

0.0433^***

0.0235^***

0.0427^***

0.0234^***

0.0427^***

(7.42)

(20.00)

(6.76)

(19.66)

(6.76)

(19.64)

Top1

0.00617^**

0.00374^*

0.00599^**

0.00362^*

0.00593^**

0.00368^*

(2.39)

(1.88)

(2.27)

(1.81)

(2.25)

(1.84)

FS1

0.0178

−0.0325^**

(0.42)

(−1.96)

FS1 × Com

−0.0176

0.0328^**

(−0.41)

(1.97)

FS2

0.0119

−0.0321^**

(0.34)

(−2.20)

FS2 × Com

−0.0115

0.0324^**

(-0.33)

(2.20)

_Cons

−0.990^***

−1.056^***

−0.999^***

−1.085^***

−0.990^***

−1.078^***

(−10.76)

(−16.78)

(−10.01)

(−16.97)

(−10.05)

(−16.85)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Individual

Yes

Yes

Yes

Yes

Yes

Yes

N

3378

9703

3313

9645

3313

9645

F

50.82

221.58

41.11

188.34

41.65

188.31

Within-R²

0.1826

0.2611

0.1774

0.2609

0.1793

0.2609