被解释变量

risktaking

continue

duration

oldprop

(1)

(2)

(3)

(4)

ipostopdate

−0.013^**

(0.007)

risktaking

−0.212^***

1.567^***

−0.030^***

(0.023)

(0.592)

(0.005)

ln(exp)

0.002^*

0.177^***

0.307^***

0.043^***

(0.001)

(0.004)

(0.100)

(0.001)

stagesetup

−5.241^***

−0.021^***

(0.524)

(0.005)

stageexpand

0.212

−0.0001

(0.417)

(0.004)

statedum

0.078^***

0.210^***

4.040^***

0.070^***

(0.005)

(0.020)

(0.388)

(0.004)

VC_governback

−0.016^***

−0.109^***

0.407

−0.023^***

(0.005)

(0.021)

(0.448)

(0.004)

distance

0.026^***

0.057^***

−0.028

0.011^***

(0.004)

(0.017)

(0.345)

(0.003)

uncertaintyma12

−0.008^*

0.018

0.761^**

0.003

(0.004)

(0.019)

(0.377)

(0.003)

年度/行业

控制

控制

控制

控制

截距项

0.032

−1.496^***

3.956

0.069^**

(0.036)

(0.156)

(3.129)

(0.029)

样本量

41506

41506

7818

41506

对数似然函数

−18641.670

AIC

37351.330

R²

0.175

0.071

0.120

调整R²

0.174

0.067

0.119

残差标准误

0.337

13.248

0.271

F统计值

266.533^***

17.089^***

161.765^***