| VARIABLES | (1) | (2) | (3) | (4) |
| R_Dint | lnRD | R_Dint | lnRD | |
| lnSub | 0.0015*** |
|
| 0.0215* |
| (2.8860) |
|
| (1.6860) | |
| Subsidy |
| 3.5790** | 0.1381*** |
|
|
| (2.3217) | (3.2801) |
| |
| Constant | 0.0301** | 6.2128** | 0.2195*** | 5.7553** |
| (2.2533) | (2.2367) | (3.6232) | (2.0479) | |
| 控制变量 | 控制 | 控制 | 控制 | 控制 |
| 观测值 | 561 | 561 | 561 | 496 |
| R-squared | 0.1975 | 0.7219 | 0.2770 | 0.7358 |
| Number of stkcd | 99 | 99 | 99 | 99 |
| firm | yes | yes | yes | yes |
| year | yes | yes | yes | yes |