变量/政府补贴

(1)

(2)

(3)

前30%

中间30%

后40%

Q1

−0.012

−0.013

0.010^*

(−0.86)

(−1.00)

(1.97)

lngov

0.022^*

−0.027^**

−0.002

(1.38)

(−1.70)

(−0.14)

RD

−0.001

0.010^*

0.011^*

(−0.08)

(1.01)

(0.81)

size

−0.017^*

0.008^**

−0.005^**

(−1.33)

(0.55)

(−0.28)

cash1

0.004^***

−0.007^***

0.019

(0.88)

(−0.65)

(1.25)

lev

0.148^*

0.010^**

−0.014^***

(2.73)

(0.24)

(−0.28)

_cons

0.001

0.017^*

0.009

(0.01)

(0.11)

(0.04)

N

66.000

89.000

40.000

r²

0.133

0.088

0.193