模型

2-(1)

1-(2)

2-(3)

被解释变量

Patent

Employment

RD

解释变量

VCbackgrdgov

36.607

(17.335)**

0.204

(0.108)*

3.572

(2.075)*

VCbackgrdpri

0.872

(16.704)

0.069

(0.104)

−3.467

(1.999)*

VCbackgrdfor

−5.983

(18.991)

0.136

(0.118)

−3.576

(2.273)

VCshare

81.237

(67.258)

0.969

(0.420)**

11.681

(8.050)

Experience

0.074

(0.045)

0.001

(0.000)***

0.009

(0.005)*

控制变量

Tshare

0.872

(0.649)

0.022

(0.008)***

0.043

(0.147)

LnEqu

4.115

(3.531)

−0.049

(0.032)

−0.731

(0.620)

ROE

0.031

(0.144)

−0.002

(0.001)*

0.041

(0.028)

YEAR

Control

Control

Control

IND

Control

Control

Control

样本数

109

109

109

修正后R²

0.2579

0.3724

0.5054

F值

3.08

4.56

7.13

Prob(F)

0.0003

0.0000

0.0000