(1)

(2)

(3)

(4)

(5)

(6)

国有企业

非国有企业

高科技企业

非高科技企业

技术密集型企业

非技术密集型企业

GI

GI

GI

GI

GI

GI

EDT

0.018^***

0.007^***

0.009^***

−0.002

0.010^***

−0.001

(10.518)

(12.536)

(15.019)

(−1.612)

(14.170)

(−1.154)

Lev

−0.016

0.427^***

0.319^***

0.002

0.440^***

0.039

(−0.182)

(7.516)

(5.748)

(0.028)

(6.481)

(0.632)

LnSize

0.294^***

0.215^***

0.261^***

0.187^***

0.280^***

0.215^***

(20.619)

(20.529)

(27.016)

(13.774)

(23.611)

(20.033)

ROA

−0.382

0.870^***

0.835^***

−0.123

0.588^***

0.332^*

(−1.370)

(5.421)

(5.147)

(−0.540)

(2.941)

(1.857)

Holding

−0.378

0.174^***

0.193^***

0.150^**

0.235^***

0.100^*

(−0.779)

(4.338)

(4.058)

(2.554)

(4.263)

(1.857)

LnAge

−0.378^***

−0.216^***

−0.246^***

−0.093^*

−0.202^***

−0.308^***

(−4.336)

(−5.828)

(−6.123)

(−1.687)

(−4.270)

(−6.566)

Dual

0.030

0.072^***

0.073^***

0.011

0.098^***

−0.001

(0.633)

(4.258)

(3.860)

(0.437)

(4.377)

(−0.041)

EBD

−0.017

0.013^*

0.003

−0.000

−0.009

0.012

(−1.161)

(1.729)

(0.411)

(−0.017)

(−0.960)

(1.194)

Top1

−0.005^***

−0.001

−0.002^***

−0.000

−0.002^***

−0.000

(−4.822)

(−1.381)

(−3.077)

(−0.118)

(−3.214)

(−0.237)

SOE

0.040^*

0.011

0.009

0.114^***

(1.781)

(0.384)

(0.338)

(4.871)

Constant

−5.520^***

−4.287^***

−4.698^***

−3.774^***

−5.156^***

−3.741^***

(−11.335)

(−5.028)

(−19.259)

(−5.545)

(−17.406)

(−4.950)

Ind/Year

Yes

Yes

Yes

Yes

Yes

Yes

N

4180

10,222

11,483

2919

8264

6138

adj.R²

0.238

0.170

0.195

0.181

0.209

0.189

F

39.372

57.774

107.876

18.410

81.847

39.736