变量

(1)

(3)

(5)

(2)

(4)

(6)

R&D1

R&D1

R&D1

R&D2

R&D2

R&D2

常数项

−0.507

10.024^***

10.438^***

−0.133^***

0.585^***

0.591^***

(−0.804)

(3.589)

(3.661)

(−3.085)

(3.035)

(2.991)

Risk

−0.166^***

−0.165^***

−0.159^***

−0.010^***

−0.010^***

−0.010^***

(−7.248)

(−7.212)

(−6.997)

(−6.618)

(−6.553)

(−6.376)

Size

0.017

0.030

0.003

0.004

(0.401)

(0.685)

(1.121)

(1.366)

Roa

0.206

0.184

0.021^**

0.020^*

(1.331)

(1.190)

(1.982)

(1.846)

Oe

0.002

0.002

−0.000

−0.000

(0.462)

(0.471)

(−0.476)

(−0.527)

Decision

1.092^***

1.120^***

0.062^***

0.063^***

(3.609)

(3.688)

(2.948)

(2.990)

Age

−2.940^***

−2.775^***

−0.203^***

−0.190^***

(−4.169)

(−3.923)

(−4.163)

(−3.867)

Gender

0.016

0.036

0.012

0.013

(0.045)

(0.100)

(0.487)

(0.527)

Edu

−0.396^**

−0.360^**

−0.020^*

−0.019

(−2.397)

(−2.135)

(−1.740)

(−1.589)

Party

0.352

0.388

0.021

0.025

(1.054)

(1.164)

(0.921)

(1.070)

Overseas

0.906^*

0.815^*

0.037

0.030

(1.953)

(1.758)

(1.148)

(0.933)

Fage

0.014

0.040

0.001

0.003

(0.592)

(1.633)

(0.644)

(1.480)

Cmarket

1.569

1.676^*

0.040

0.047

(1.544)

(1.650)

(0.562)

(0.661)

Ind/Pro

未控制

未控制

控制

未控制

未控制

控制

Pseudo R2

0.005

0.009

0.013

0.010

0.017

0.025

LR Chi2

56.220

103.680

153.640

46.760

84.480

124.010

N

4947

4947

4947

4947

4947

4947