变量

(1)

(2)

(3)

(4)

(5)

(6)

R&D1

R&D1

R&D2

R&D2

R&D3

R&D3

FT = 1

FT = 0

FT = 1

FT = 0

FT = 1

FT = 0

常数项

−1.205

0.713

−0.010

0.193^***

0.054^**

0.088^***

(−0.528)

(0.515)

(−0.208)

(5.078)

(2.373)

(4.410)

Model

−0.066

−0.352^***

−0.003

−0.009^***

−0.001

−0.005^***

(−0.587)

(−6.362)

(−1.285)

(−5.978)

(−0.612)

(−6.107)

Size

0.543^***

0.799^***

−0.007^***

−0.004^***

−0.004^***

−0.002^***

(9.433)

(24.975)

(−5.562)

(−4.885)

(−6.446)

(−5.286)

Lev

0.815^**

−0.333^**

−0.007

−0.032^***

0.011^***

−0.002

(2.410)

(−2.055)

(−0.948)

(−7.184)

(3.208)

(−1.028)

Roa

1.676^**

1.608^***

−0.011

−0.009

0.030^***

0.022^***

(2.219)

(3.977)

(−0.698)

(−0.818)

(3.981)

(3.834)

Growth

−0.115

0.173^**

−0.004

0.001

−0.003

0.001

(−0.605)

(2.161)

(−0.961)

(0.388)

(−1.404)

(1.086)

Cash

1.602^**

1.191^***

−0.022

0.010

0.028^***

0.018^***

(2.024)

(3.127)

(−1.294)

(0.994)

(3.528)

(3.350)

Firmage

0.338^**

0.052

−0.002

0.004^**

0.004^***

0.001

(2.428)

(0.847)

(−0.665)

(2.150)

(2.624)

(1.264)

Fn

0.016

−0.007

−0.001

−0.000

0.000

−0.000

(0.473)

(−0.449)

(−1.468)

(−1.138)

(1.166)

(−0.534)

Fd

−1.775^***

−0.077

−0.019

−0.004

−0.019^***

−0.000

(−3.156)

(−0.649)

(−1.529)

(−1.175)

(−3.318)

(−0.125)

Indep

1.633^*

−1.665^***

0.029

−0.002

0.005

−0.025^***

(1.873)

(−3.654)

(1.509)

(−0.180)

(0.607)

(−3.805)

Sex_er

0.126

0.079

0.003

0.003

0.004^**

0.002^*

(0.831)

(1.011)

(0.981)

(1.433)

(2.556)

(1.793)

Age_er

−1.377^**

0.776^***

−0.032^***

0.054^***

−0.008

0.018^***

(−2.399)

(3.100)

(−2.594)

(7.845)

(−1.356)

(4.860)

Degree_er

0.207^**

0.005

−0.002

0.000

0.003^***

0.000

(2.549)

(0.145)

(−0.983)

(0.556)

(3.347)

(0.022)

PC_er

0.204^***

0.052^*

0.005^***

−0.000

0.001^**

0.000

(3.422)

(1.826)

(3.937)

(−0.403)

(2.347)

(0.858)

Sex_yi

−0.318

0.379^***

−0.010^*

0.011^***

−0.010^***

0.005^***

(−1.182)

(3.397)

(−1.678)

(3.753)

(−3.696)

(3.236)

Age_yi

1.721^**

−1.257^***

0.070^***

−0.070^***

0.008

−0.024^***

(1.968)

(−3.064)

(3.669)

(−6.239)

(0.886)

(−4.057)

Site

0.452^***

0.175^***

0.002

0.000

0.003^***

0.002^***

(6.670)

(3.941)

(1.063)

(0.344)

(4.797)

(2.873)

Ind/Year

控制

控制

控制

控制

控制

控制

AdjustedR²

0.490

0.668

0.258

0.348

0.384

0.333

F

11.19

39.62

4.691

11.23

7.611

10.56

N

372

729

372

729

372

729

系数差异

0.286^**

0.006^**

0.004^***

Chi2

5.54

4.75

9.89

P-Value

0.0186

0.0293

0.0017