VARIABLES

中东部

西部

非高新技术

高新技术

模型(6)

模型(7)

模型(8)

模型(9)

lndigital

lndigital

lndigital

lndigital

did

0.0285^*

−0.0305

0.0156

0.0571^***

(0.0167)

(0.0437)

(0.0242)

(0.0195)

board

0.142^***

0.0285

0.0578^*

0.124^***

(0.0220)

(0.0601)

(0.0321)

(0.0265)

age

0.128^***

0.127^***

0.176^***

0.111^***

(0.0120)

(0.0381)

(0.0200)

(0.0140)

growth

−0.00365

0.00300

−0.00540

0.00524

(0.00356)

(0.00937)

(0.00421)

(0.00566)

lever

−0.111^***

0.0137

−0.118^***

−0.107^***

(0.0298)

(0.0791)

(0.0435)

(0.0387)

indep

−0.274^***

−0.227

−0.192^*

−0.302^***

(0.0773)

(0.222)

(0.115)

(0.0921)

top1

0.000642

0.00422^***

0.00156^*

0.00107

(0.000630)

(0.00160)

(0.000938)

(0.000798)

Constant

2.390^***

2.143^***

2.071^***

2.607^***

(0.0690)

(0.200)

(0.109)

(0.0803)

Observations

29,293

3,852

13,976

18,934

R-squared

0.797

0.760

0.747

0.828