| 变量 | 模型1 | 模型2 | 模型3 |
| ESH | −1.353 | 0.796** | 1.686** |
| (−0.97) | (0.44) | (0.82) | |
| RD |
| 1.521*** | 1.837*** |
| (3.86) | (3.01) | ||
| ESHRD |
|
| 1.042 |
| (0.77) | |||
| SIZE |
| 0.547 | 0.486 |
| (1.54) | (1.35) | ||
| AGE |
| 0.104** | 0.099** |
| (2.60) | (2.47) | ||
| DEBT |
| 1.788 | 2.089 |
| (0.92) | (1.15) | ||
| CF |
| 10.450*** | 10.850*** |
| (3.41) | (3.72) | ||
| INTAN |
| −5.225 | −5.564 |
| (−0.72) | (−0.80) | ||
| CONS | 1.736*** | −37.346*** | −42.098*** |
| (4.55) | (−7.22) | (−4.88) | |
| Year | 控制 | 控制 | 控制 |
| N | 756 | 756 | 756 |
| adj_R2 | 0.453 | 0.453 | 0.453 |
| F | 8.240* | 8.240* | 8.240* |