变量

(1)

(2)

(3)

(4)

(5)

(6)

R&D1

R&D1

R&D2

R&D2

R&D3

R&D3

Conflict = 1

Conflict = 0

Conflict = 1

Conflict = 0

Conflict = 1

Conflict = 0

常数项

−1.976

1.143

0.108^**

0.132^***

0.049^*

0.095^***

(−0.981)

(0.751)

(2.210)

(3.403)

(1.896)

(4.947)

Model

−0.362^***

−0.058

−0.008^***

−0.003

−0.004^***

−0.002^**

(−4.739)

(−0.849)

(−4.402)

(−1.643)

(−4.520)

(−2.058)

Size

0.827^***

0.684^***

−0.003^***

−0.005^***

−0.002^***

−0.003^***

(17.602)

(18.852)

(−2.835)

(−5.665)

(−2.970)

(−6.771)

Lev

0.380

−0.203

−0.025^***

−0.026^***

0.005

−0.002

(1.491)

(−1.047)

(−3.980)

(−5.218)

(1.406)

(−0.675)

Roa

1.490^**

1.862^***

−0.013

−0.006

0.017^**

0.031^***

(2.303)

(4.095)

(−0.809)

(−0.480)

(2.092)

(5.385)

Growth

0.066

0.113

−0.004

−0.000

−0.000

0.000

(0.563)

(1.078)

(−1.351)

(−0.165)

(−0.022)

(0.036)

Cash

0.834

1.066^**

−0.016

−0.005

0.016^**

0.019^***

(1.499)

(2.260)

(−1.213)

(−0.393)

(2.240)

(3.237)

Firmage

0.350^***

0.007

0.009^***

−0.003

0.004^***

0.001

(4.029)

(0.086)

(4.161)

(−1.434)

(3.780)

(1.251)

Fn

0.058^***

−0.017

0.000

−0.001^*

0.001^**

−0.000

(2.593)

(−0.793)

(0.079)

(−1.720)

(2.044)

(−0.967)

Fd

−0.071

−1.171^***

−0.004

−0.002

−0.001

−0.008^*

(−0.518)

(−3.559)

(−1.311)

(−0.213)

(−0.537)

(−1.814)

Indep

−0.709

−0.121

0.037^**

−0.016

−0.006

−0.012^*

(−1.115)

(−0.216)

(2.425)

(−1.119)

(−0.749)

(−1.700)

Sex_er

0.129

0.254^***

0.006^*

0.005^**

0.004^**

0.003^***

(0.990)

(3.004)

(1.926)

(2.544)

(2.134)

(2.772)

Age_er

−0.515

0.344

0.017^*

0.029^***

0.001

0.012^***

(−1.238)

(1.191)

(1.738)

(3.984)

(0.118)

(3.281)

Degree_er

−0.136^***

0.161^***

−0.002^**

0.001

−0.001^**

0.002^***

(−3.200)

(3.946)

(−2.215)

(1.428)

(−2.189)

(3.430)

PC_er

0.030

0.084^**

0.001

0.001

0.000

0.001

(0.709)

(2.349)

(0.591)

(1.166)

(0.353)

(1.127)

Sex_yi

0.297^*

−0.065

0.024^***

0.001

0.005^**

−0.003^*

(1.740)

(−0.509)

(5.753)

(0.186)

(2.374)

(−1.919)

Age_yi

0.635

−0.592

−0.026

−0.027^**

−0.002

−0.018^***

(0.944)

(−1.272)

(−1.595)

(−2.271)

(−0.226)

(−3.128)

Site

−0.146^*

0.449^***

−0.009^***

0.004^***

−0.002^**

0.004^***

(−1.865)

(10.718)

(−4.771)

(4.177)

(−2.018)

(7.450)

Ind/Year

控制

控制

控制

控制

控制

控制

AdjustedR²

0.646

0.583

0.320

0.319

0.254

0.373

F

24.60

25.94

7.081

9.361

5.400

11.61

N

441

660

441

660

441

660

系数差异

−0.304^***

−0.005^**

−0.002^**

Chi2

8.09

4.64

4.33

P-Value

0.0045

0.0313

0.0374