变量

产权性质

经济发展水平

非国有

国有

欠发达地区

发达地区

(1)

(2)

(3)

(4)

CF

0.423^***

0.165^*

0.474^***

0.184

(7.90)

(1.87)

(7.79)

(1.63)

CF × DIFI

−0.056^***

0.050

−0.074^***

0.022

(−3.07)

(1.51)

(−2.71)

(0.67)

Size

−0.003

−0.006

−0.004

−0.013^***

(−1.01)

(−1.03)

(−0.92)

(−2.75)

Growth

0.049^***

0.083^***

0.039^*

0.066^***

(3.33)

(3.03)

(1.87)

(3.62)

ΔNwc

0.416^***

0.396^***

0.439^***

0.384^***

(20.29)

(8.78)

(16.03)

(14.79)

Expend

−0.104^***

−0.086

−0.070^*

−0.094^**

(−3.57)

(−1.33)

(−1.71)

(−2.16)

ΔSd

0.204^***

0.134^***

0.240^***

0.168^***

(8.53)

(3.41)

(7.32)

(5.71)

_cons

0.045

0.112

0.061

0.261^**

(0.68)

(0.85)

(0.62)

(2.57)

个体固定

YES

YES

YES

YES

时间固定

YES

YES

YES

YES

N

4717

917

2718

2850

R²

0.477

0.467

0.503

0.439