模型(1)

模型(2)

模型(3)

ROE

ROE

ROE

RD

0.417***

0.416***

(8.60)

(0.11)

ICQ

0.280***

0.275***

(21.49)

(14.88)

RD×ICQ

0.117**

(0.19)

SIZE

0.020***

0.011***

0.012***

(18.96)

(11.11)

(12.04)

LEV

−0.086***

−0.071***

−0.067***

(−11.54)

(−10.40)

(−9.94)

Grow

0.004***

0.003**

0.003*

(2.64)

(2.50)

(1.86)

OCF

0.546***

0.486***

0.480***

(34.33)

(31.18)

(30.81)

_cons

−0.361***

−1.999***

−1.991***

(−16.97)

(−24.12)

(−16.80)

N

9470

9470

9470

R2

0.226

0.314

0.318

adj.R2

0.225

0.313

0.317

F

128.745

166.338

154.231