(1)

(2)

(3)

(4)

(5)

(6)

R&D1

R&D1

R&D1

R&D2

R&D2

R&D2

变量

PC = 1

PC = 0

PC = 1

PC = 0

常数项

7.970^***

4.827

10.202^***

0.502^**

0.316

0.615^**

(3.023)

(1.249)

(2.824)

(2.507)

(1.068)

(2.266)

Risk

−0.189^***

0.045

−0.201^***

−0.013^***

0.002

−0.014^***

(−7.146)

(1.468)

(−6.877)

(−6.680)

(1.053)

(−6.487)

Risk^*PC

0.227^***

0.015^***

(5.299)

(4.778)

PC

0.397

−0.046

(0.345)

(−0.531)

Size

0.023

−0.013

0.040

0.004

0.006

0.003

(0.583)

(−0.216)

(0.744)

(1.317)

(1.159)

(0.755)

Roa

0.035

−0.610^**

0.358^**

0.013

−0.019

0.029^**

(0.240)

(−2.463)

(1.961)

(1.183)

(−1.025)

(2.133)

Oe

0.002

0.000

0.003

−0.000

−0.001

0.000

(0.442)

(0.039)

(0.541)

(−0.625)

(−1.218)

(0.085)

Decision

0.753^***

1.040^**

0.656^*

0.046^**

0.054^*

0.044

(2.717)

(2.453)

(1.741)

(2.171)

(1.666)

(1.545)

Age

−2.304^***

−1.106

−3.115^***

−0.173^***

−0.123^*

−0.215^***

(−3.572)

(−1.161)

(−3.466)

(−3.540)

(−1.678)

(−3.181)

Gender

0.038

−0.270

0.220

0.015

−0.001

0.027

(0.116)

(−0.541)

(0.483)

(0.610)

(−0.035)

(0.773)

Edu

−0.224

−0.091

−0.316

−0.012

−0.005

−0.019

(−1.458)

(−0.380)

(−1.514)

(−1.018)

(−0.262)

(−1.235)

Party

0.413

0.223

0.527

0.027

−0.004

0.044

(1.359)

(0.477)

(1.281)

(1.162)

(−0.110)

(1.413)

Overseas

0.679

0.621

0.684

0.023

−0.001

0.032

(1.605)

(0.965)

(1.184)

(0.710)

(−0.023)

(0.729)

Fage

0.035

−0.000

0.060^*

0.002

0.001

0.004

(1.555)

(−0.008)

(1.945)

(1.408)

(0.387)

(1.555)

Cmarket

0.759

2.120^*

−0.504

−0.003

0.054

−0.073

(0.815)

(1.725)

(−0.346)

(−0.039)

(0.568)

(−0.655)

Ind/Pro

控制

控制

控制

控制

控制

控制

Pseudo R2

0.060

0.011

0.019

0.094

0.021

0.037

LR Chi2

703.820

49.970

120.090

446.820

32.110

108.780

N

4947

1257

3690

4947

1257

3690

系数差异

−0.059

−0.003

Chi2

12.140

8.730

P-Value

0.000

0.003