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

−10.490^**

−0.675

−14.395^***

4.692

−20.470^***

3.778

(−2.063)

(−0.114)

(−2.645)

(0.844)

(−2.880)

(0.914)

FR

−0.417

0.463^*

−0.291

0.333

−0.306

0.133

(−1.617)

(1.891)

(−0.966)

(1.449)

(−0.816)

(0.650)

Ave_RD*FR

2.865^**

1.350

3.735^***

0.161

5.232^***

−0.058

(2.338)

(0.921)

(2.885)

(0.116)

(3.102)

(−0.057)

Turnover

0.052^***

0.071^***

0.081^***

0.061^***

0.058^***

0.075^***

(2.785)

(4.899)

(4.606)

(4.019)

(3.191)

(5.189)

Pe

−0.003^*

−0.001

−0.002

−0.000

−0.002

−0.001

(−1.913)

(−0.414)

(−0.980)

(−0.080)

(−0.748)

(−0.309)

Size

0.077

0.435^**

0.039

0.421^**

0.074

0.387^**

(0.340)

(2.029)

(0.154)

(2.118)

(0.265)

(2.249)

Fee

0.088^**

0.051^*

0.050

0.072^*

0.056

0.078^**

(2.240)

(1.763)

(1.646)

(1.930)

(1.561)

(2.144)

Lotrate

−10.517

3.623

−22.478

1.327

11.759

−2.030

(−0.747)

(0.402)

(−0.845)

(0.163)

(0.407)

(−0.277)

ROE

−0.021^*

0.012

−0.017

0.011

0.017

−0.004

(−1.763)

(0.959)

(−1.431)

(0.832)

(0.719)

(−0.433)

Asset

0.156

0.280

0.417

0.124

0.979^**

0.055

(0.737)

(1.325)

(1.587)

(0.638)

(2.216)

(0.327)

Dual

−0.279

−0.048

−0.214

−0.177

0.075

−0.342^**

(−1.343)

(−0.277)

(−1.117)

(−0.967)

(0.368)

(−2.055)

Lev

−0.005

−0.010

−0.016^**

−0.000

−0.022^**

−0.002

(−0.724)

(−1.524)

(−2.036)

(−0.064)

(−2.205)

(−0.440)

VC

−0.373

−0.245

−0.587^**

0.066

−0.572^*

−0.049

(−1.287)

(−1.035)

(−2.100)

(0.272)

(−1.728)

(−0.234)

VCrate

0.005

0.022^**

0.020

0.009

0.014

0.011

(0.459)

(2.082)

(1.398)

(0.982)

(0.814)

(1.391)

常数

−2.188

−13.139^***

−6.758^*

−10.463^***

−12.832^**

−8.795^***

(−0.641)

(−4.380)

(−1.732)

(−3.609)

(−2.319)

(−3.511)

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

0.265

0.357

0.342

0.303

0.286

0.341

F

4.545^***

7.683^***

6.652^***

5.772^***

5.386^***

6.664^***