变量

模型1

模型2

模型3

模型4

模型5

AGE

−0.212

(−0.18)

−0.265

(−0.26)

−0.266

(−0.25)

−0.267

(−0.24)

−0.313

(−0.27)

SIZE

0.325^*

(1.84)

0.336^*

(1.85)

0.355^**

(2.19)

0.332^*

(1.76)

0.320^*

(1.78)

FC

1.487

(0.24)

1.463

(0.22)

0.985

(0.14)

1.262

(0.18)

1.022

(0.16)

LEV

0.986

(0.67)

0.988

(0.67)

0.949

(0.67)

1.050

(0.70)

0.949

(0.64)

R&D

1.965^**

(2.32)

1.784^**

(2.26)

1.941^**

(2.31)

1.967^**

(2.35)

1.910^**

(2.29)

STC

0.089^***

(2.20)

0.291^**

(−0.16)

CTC

0.110^***

(3.14)

0.099^***

(2.88)

EU

0.079

(2.22)

−0.380

(−0.20)

STC*EU

4.279^**

(1.96)

CTC*EU

1.899^***

(−2.18)

_cons

−4.690^***

(−0.611)

−4.658^***

(−0.618)

−5.083^**

(−0.680)

−4.701^***

(−0.613)

−4.478^**

(−0.582)

R-squared

0.043

0.051

0.052

0.051

0.053

N

1120

1120

1120

1120

1120