(3)

(4)

FC

Innovation

DF

−0.018^***

0.005^*

(−3.18)

(1.78)

FC

0.012^***

(2.86)

Size

−0.002^**

−0.000

(−1.98)

(−0.29)

Lev

0.036^***

−0.010^***

(8.41)

(−4.88)

Ownership

−0.065^***

−0.008^**

(−9.30)

(−2.49)

Indep

−0.025^**

−0.016^***

(−2.28)

(−3.06)

Dual

0.000

0.000

(0.25)

(0.41)

Fixed

−0.055^***

0.009^***

(−9.10)

(3.32)

Audit

0.006^**

0.005^***

(2.10)

(3.80)

Roa

0.015^***

−0.019^***

(6.79)

(−18.73)

Growth

0.003^***

−0.007^***

(3.06)

(−13.87)

Is

−0.008

−0.007

(−0.32)

(−0.62)

Pgdp

−0.008

0.011^*

(−0.57)

(1.78)

常数项

3.537^***

−0.099

(24.73)

(−1.44)

时间效应

YES

YES

个体效应

YES

YES

Within_R²

0.890

0.110

样本量

14199

14199