变量

(1)

(2)

(3)

(4)

(5)

R&D

R&D1

R&D2

R&D1

R&D2

常数项

−1.224^*

8.553^**

0.461^*

6.557^**

0.288

(−1.719)

(2.324)

(1.940)

(2.296)

(1.624)

Risk

−0.027^***

−0.170^***

−0.010^***

−1.577^***

−0.102^***

(−4.778)

(−5.806)

(−5.315)

(−5.320)

(−5.545)

Size

0.040^***

0.072

0.005

0.033

0.004

(3.454)

(1.370)

(1.535)

(0.738)

(1.509)

Roa

−0.000

−0.024

0.003

0.244

0.021^**

(−0.611)

(−0.131)

(0.263)

(1.548)

(2.143)

Oe

−0.000

−0.003

−0.001

0.001

−0.000

(−0.701)

(−0.424)

(−1.453)

(0.168)

(−0.805)

Decision

−0.191^***

4.332^***

0.970^***

0.596^*

0.029^**

(−2.644)

(3.129)

(3.191)

(1.928)

(2.353)

Age

0.006

−1.885^**

−0.129^**

−2.632^***

−0.155^***

(0.032)

(−2.065)

(−2.196)

(−3.631)

(−3.442)

Gender

0.207^**

−0.115

0.012

0.094

0.006

(2.176)

(−0.255)

(0.393)

(0.254)

(0.277)

Edu

0.226^***

−0.272

−0.009

−0.340^**

−0.014

(5.709)

(−1.186)

(−0.622)

(−1.969)

(−1.344)

Party

0.324^***

0.481

0.037

0.458

0.031

(4.219)

(1.054)

(1.259)

(1.335)

(1.438)

Overseas

0.028

0.388

−0.006

0.725

0.028

(0.248)

(0.617)

(−0.152)

(1.530)

(0.964)

Fage

0.028^***

0.050

0.003

0.038

0.002

(4.892)

(1.567)

(1.535)

(1.493)

(1.248)

Cmarket

0.550^**

3.215

0.079

2.149^**

0.070

(2.415)

(1.480)

(0.559)

(2.087)

(1.078)

Ind/Pro

控制

控制

控制

控制

控制

Pseudo R2

0.135

0.012

0.028

0.011

0.025

LR Chi2

77.480

81.820

72.280

124.89

109.06

Prob >Chi2

0.000

N值

4947

2658

2658

3675

3675