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机制检验

加入机制变量的主回归

TFP

(1)

OVEREV

(2)

ALREV

(3)

TFP-OVEREV

(4)

TFP-ALREV

(5)

TIME×RAD_100

0.0320**

0.0067

0.0108***

0.0316**

0.0309**

(2.3017)

(1.2015)

(2.9533)

(2.2679)

(2.2209)

TIME×RAD_150

0.0256**

0.0062

0.0108***

0.0252*

0.0245*

(1.9712)

(1.1714)

(3.0986)

(1.9393)

(1.8826)

TIME×RAD_200

0.0269**

0.0033

0.0132***

0.0267**

0.0256**

(2.1126)

(0.6435)

(3.9105)

(2.0947)

(2.0025)

TIME×RAD_250

0.0219*

0.0050

0.0145***

0.0216*

0.0204

(1.7228)

(0.9948)

(4.3772)

(1.6958)

(1.5992)

TIME×RAD_300

0.0233*

0.0038

0.0157***

0.0230*

0.0216*

(1.8399)

(0.7591)

(4.8958)

(1.8196)

(1.7062)

TIME×RAD_350

0.0262**

0.0030

0.0153***

0.0260**

0.0246*

(2.0657)

(0.6218)

(4.9923)

(2.0492)

(1.9343)

TIME×RAD_400

0.0138

0.0061

0.0140***

0.0134

0.0122

(1.0748)

(1.2701)

(4.7031)

(1.0425)

(0.9525)

Controls

是

是

是

是

是

Year & Firm FE

是

是

是

是

是

Observations

5298

5298

5298

5298

5298