变量

(1)

(2)

(3)

GI

替换自变量

GI

删除20~21年

GI

删除高新技术企业

EDT

0.008^***

0.010^***

(13.503)

(10.292)

EDT2

0.003^***

(13.716)

Lev

0.250^***

0.260^***

0.077

(5.259)

(5.379)

(1.135)

LnSize

0.248^***

0.244^***

0.259^***

(29.906)

(28.510)

(23.327)

ROA

0.499^***

0.519^***

−0.172

(3.582)

(3.655)

(−0.894)

Holding

0.186^***

0.195^***

0.193^***

(4.652)

(4.812)

(2.796)

LnAge

−0.224^***

−0.251^***

−0.279^***

(−6.505)

(−7.132)

(−5.118)

Dual

0.066^***

0.069^***

0.052^*

(4.094)

(4.194)

(1.945)

SOE

0.044^**

0.053^***

0.075^***

(2.335)

(2.767)

(2.934)

EBD

0.009

0.006

0.022^**

(1.273)

(0.795)

(2.270)

Top1

−0.002^***

−0.002^***

−0.001

(−3.488)

(−3.244)

(−1.239)

Constant

−4.837^***

−4.615^***

−4.783^***

(−5.599)

(−5.382)

(−5.744)

Ind/Year

Yes

Yes

Yes

N

14,402

13,597

5413

adj.R²

0.189

0.162

0.246

F

89.075

72.241

47.530