| Variables | 因变量：R&D | ||||
| (1) | (2) | (3) | (4) | (5) | |
| ComEnterprise | 0.001 | 0.011** | 0.016** | 0.005 | 0.010*** |
|
| (0.14) | (2.302) | (2.39) | (0.93) | (1.99) |
| Enterprise*Anti-corruption |
|
| −0.009 |
|
|
|
|
|
| (−0.95) |
|
|
| Anti-corruption |
|
| 0.612*** |
|
|
|
|
|
| (3.53) |
|
|
| Enterprise*POE |
|
|
| 0.0187** |
|
|
|
|
|
| (1.93) |
|
| POE |
|
|
| −0.852*** |
|
|
|
|
|
| (−4.21) |
|
| Enterprise*HHI |
|
|
|
| −0.002 |
|
|
|
|
|
| (−0.113) |
| HHI |
|
|
|
| −1.01*** |
|
|
|
|
|
| (−4.38) |
| Ln Size |
| −0.691*** | −0.724*** | −0.609*** | −0.712*** |
|
|
| (−12.79) | (−13.21) | (−10.54) | (−13.05) |
| CFO |
| 5.68E−12 | 6.42E−12 | 1.60E−12 | 3.57E−12 |
|
|
| (0.436) | (0.49) | (0.122) | (0.27) |
| Largest |
| −0.034*** | −0.033*** | −0.033*** | −0.034*** |
|
|
| (−8.411) | (−8.16) | (−8.137) | (−8.26) |
| Duality |
| −0.488*** | −0.491*** | −0.378*** | −0.446*** |
|
|
| (−3.790) | (−8.185) | (−2.87) | (−3.42) |
| Education |
| 0.374*** | 0.411*** | 0.244*** | 0.350*** |
|
|
| (6.38) | (6.94) | (5.84) | (5.864) |
| Industry | yes | yes | yes | yes | yes |
| Year | yes | yes | yes | yes | yes |
| R2 | 0.0657 | 0.1153 | 0.1175 | 0.1178 | 0.1293 |
| Adj R2 | 0.0651 | 0.1141 | 0.1160 | 0.1163 | 0.1278 |
| N | 7021 | 7021 | 7021 | 7021 | 7021 |