变量

(1)

(2)

(3)

(4)

(5)

(6)

UP1

UP1

UP1

UP1

UP1

UP1

age = 0

age = 1

employee = 0

employee = 1

profit = 0

profit = 1

Ave_RD

9.146***

3.614**

5.835***

2.850

7.797***

1.905

(3.262)

(2.122)

(3.430)

(1.042)

(3.625)

(1.094)

UW

0.698*

−0.487

0.293

−0.540

0.228

−0.292

(1.879)

(−1.641)

(1.058)

(−1.572)

(0.717)

(−1.079)

Ave_RD*UW

−8.348***

2.098

−5.494***

3.600

−7.030***

2.549

(−2.961)

(0.874)

(−3.198)

(1.136)

(−3.285)

(1.196)

Turnover

0.049**

0.089***

0.080***

0.074***

0.065***

0.080***

(2.603)

(6.246)

(4.512)

(5.044)

(3.532)

(5.828)

Pe

−0.003*

−0.002

−0.003*

−0.001

−0.004**

−0.001

(−1.876)

(−1.169)

(−1.971)

(−0.595)

(−2.432)

(−0.518)

Size

0.160

0.493**

0.155

0.408**

0.126

0.361**

(0.698)

(2.264)

(0.617)

(2.020)

(0.458)

(2.069)

Fee

0.105***

0.074**

0.072**

0.096***

0.059*

0.086***

(2.963)

(2.585)

(2.429)

(2.824)

(1.664)

(2.860)

Lotrate

−9.177

−0.007

−2.804

0.012

9.128

−2.331

(−0.668)

(−0.001)

(−0.109)

(0.001)

(0.321)

(−0.319)

ROE

−0.015

0.000

−0.018*

0.004

0.010

−0.006

(−1.340)

(0.034)

(−1.666)

(0.293)

(0.446)

(−0.719)

Asset

0.271

0.038

0.276

0.038

0.984**

0.035

(1.396)

(0.198)

(1.160)

(0.208)

(2.321)

(0.224)

Dual

−0.301

−0.106

−0.272

−0.178

0.036

−0.347**

(−1.480)

(−0.596)

(−1.439)

(−0.972)

(0.181)

(−2.074)

Lev

−0.007

−0.008

−0.022***

0.002

−0.027***

−0.002

(−1.047)

(−1.155)

(−2.861)

(0.258)

(−2.851)

(−0.299)

VC

−0.323

−0.249

−0.641**

0.009

−0.617*

−0.075

(−1.130)

(−1.029)

(−2.312)

(0.037)

(−1.880)

(−0.355)

VCrate

0.003

0.020*

0.027*

0.011

0.019

0.012

(0.243)

(1.879)

(1.857)

(1.256)

(1.064)

(1.483)

常数

−6.657**

−9.665***

−7.948**

−8.559***

−14.765***

−7.995***

(−2.226)

(−3.906)

(−2.480)

(−3.388)

(−2.991)

(−3.631)

时间

控制

控制

控制

控制

控制

控制

N

158

194

175

177

176

176

调整的R2

0.284

0.332

0.354

0.299

0.306

0.345

F

4.900***

6.991***

6.961***

5.700***

5.833***

6.769***