变量

(1)

(2)

(3)

(4)

Patent

Patent

Patent

Patent

投资过度

投资不足

市场化水平高

市场化水平低

Post

0.124

0.243^***

0.065

0.362^***

(1.288)

(3.054)

(0.731)

(4.508)

Size

−0.116^**

0.060

−0.158^***

0.060

(−2.438)

(1.512)

(−3.941)

(1.439)

Age

−0.024

−0.459^***

−0.149

−0.481^***

(−0.160)

(−3.978)

(−1.287)

(−3.995)

Lev

−0.584^***

−0.332^**

−0.464^***

−0.312^*

(−2.864)

(−2.142)

(−2.732)

(−1.890)

Cash

−0.332

0.347

0.704

−0.636

(−0.585)

(0.785)

(1.423)

(−1.407)

Dual

−0.165

−0.087

−0.125

−0.136

(−1.438)

(−0.996)

(−1.345)

(−1.421)

Top10

−0.005^**

−0.004^**

0.001

−0.006^***

(−2.149)

(−2.210)

(0.275)

(−3.016)

Score

86.012^***

56.529^***

75.771^***

62.471^***

(11.132)

(9.071)

(12.186)

(8.595)

Mind

1.498^***

1.441^***

1.276^***

1.571^***

(19.830)

(23.006)

(18.936)

(24.660)

Big4

0.077

−0.025

0.004

0.197^*

(0.676)

(−0.242)

(0.041)

(1.746)

Staff

0.539^***

0.372^***

0.468^***

0.418^***

(12.154)

(9.813)

(12.288)

(10.634)

Constant

−0.095

−1.180^*

1.763^**

−1.214

(−0.108)

(−1.655)

(2.422)

(−1.624)

N

2,435

3,574

3,020

3,371

Adj.R2

0.341

0.287

0.297

0.306

Firm FE

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

F

61.07

69.36

61.70

79.23