(5)

(6)

(7)

(8)

国有企业

非国有企业

非高新技术企业

高新技术企业

Innovation

Innovation

Innovation

Innovation

DF

−0.001

0.010^**

−0.004

0.009^**

(−0.22)

(2.55)

(−1.25)

(2.44)

Size

−0.002^*

0.000

−0.004^***

0.001^*

(−1.93)

(0.08)

(−6.45)

(1.88)

Lev

−0.015^***

−0.006^**

−0.014^***

−0.006^**

(−5.31)

(−2.22)

(−6.01)

(−2.29)

Ownership

−0.003

−0.011^**

−0.008^**

−0.005

(−0.62)

(−2.24)

(−2.24)

(−1.18)

Indep

−0.007

−0.026^***

−0.014^***

−0.014^**

(−1.08)

(−3.33)

(−2.62)

(−2.00)

Dual

−0.001

0.001

−0.000

0.000

(−1.01)

(0.81)

(−0.26)

(0.23)

Fixed

0.013^***

0.005

0.003

0.008^**

(3.59)

(1.33)

(1.11)

(2.03)

Audit

0.013^***

0.002

−0.004^***

0.008^***

(6.30)

(1.35)

(−2.73)

(4.57)

Roa

−0.014^***

−0.023^***

−0.008^***

−0.026^***

(−10.96)

(−15.59)

(−7.90)

(−17.67)

Growth

−0.004^***

−0.009^***

−0.004^***

−0.008^***

(−5.66)

(−12.37)

(−8.50)

(−11.77)

Is

0.018

−0.041^**

−0.025^*

0.001

(1.33)

(−2.16)

(−1.83)

(0.08)

Pgdp

0.013^*

0.008

0.004

0.009

(1.74)

(0.84)

(0.52)

(1.08)

常数项

−0.072

−0.005

0.090

−0.067

(−0.90)

(−0.05)

(1.12)

(−0.76)

时间效应

YES

YES

YES

YES

个体效应

YES

YES

YES

YES

Within_R²

0.142

0.106

0.102

0.137

样本量

5557

8642

4650

9549