(1)

(2)

(3)

(4)

(5)

(6)

R&D1

R&D1

R&D1

R&D2

R&D2

R&D2

变量

RCC = 1

RCC = 0

RCC = 1

RCC = 0

常数项

9.957^***

4.879

10.033^***

0.529^***

1.046

0.365^***

(3.577)

(0.385)

(3.519)

(2.906)

(0.369)

(3.186)

Risk

−0.148^***

0.051

−0.148^***

−0.008^***

0.017

−0.006^***

(−6.446)

(0.614)

(−6.429)

(−5.632)

(0.941)

(−6.419)

Risk^*RCC

0.234^**

0.024^***

(2.497)

(4.134)

RCC

1.469

0.182

(0.631)

(1.239)

Size

0.024

0.511^**

0.006

0.003

0.088^*

0.002

(0.556)

(2.477)

(0.148)

(1.232)

(1.901)

(0.887)

Roa

0.176

−1.242

0.225

0.018^*

−0.191

0.016^***

(1.170)

(−1.498)

(1.470)

(1.887)

(−1.072)

(2.716)

Oe

0.002

−0.005

0.002

−0.000

−0.008^*

0.000

(0.507)

(−0.253)

(0.458)

(−0.547)

(−1.714)

(0.247)

Decision

1.068^***

4.332^***

0.970^***

0.055^***

0.596^*

0.029^**

(3.607)

(3.129)

(3.191)

(2.850)

(1.928)

(2.353)

Age

−2.766^***

−1.731

−2.732^***

−0.184^***

−0.527

−0.109^***

(−4.014)

(−0.559)

(−3.862)

(−4.092)

(−0.765)

(−3.846)

Gender

0.014

0.498

−0.015

0.011

0.268

0.004

(0.039)

(0.290)

(−0.041)

(0.476)

(0.693)

(0.294)

Edu

−0.348^**

−0.124

−0.371^**

−0.017

−0.108

−0.010

(−2.113)

(−0.171)

(−2.197)

(−1.542)

(−0.655)

(−1.480)

Party

0.435

−3.334^**

0.512

0.029

−0.617^*

0.024^*

(1.336)

(−2.144)

(1.538)

(1.377)

(−1.778)

(1.787)

Overseas

0.736

−0.805

0.771^*

0.019

−0.389

0.022

(1.627)

(−0.423)

(1.658)

(0.646)

(−0.909)

(1.180)

Fage

0.043^*

0.146

0.039

0.003^*

0.033

0.002

(1.787)

(1.157)

(1.605)

(1.776)

(1.147)

(1.550)

Cmarket

1.382

4.244

1.158

0.010

0.413

0.008

(1.385)

(1.220)

(1.111)

(0.144)

(0.540)

(0.186)

Ind/Pro

控制

控制

控制

控制

控制

控制

Pseudo R2

0.021

0.067

0.012

0.083

0.089

0.038

LR Chi2

236.250

37.030

137.040

384.110

31.910

128.010

N

4947

332

4615

4947

332

4615

系数差异

−0.096

−0.018

Chi2

4.100

5.430

P−Value

0.043

0.019