(1)

(2)

(3)

(4)

(5)

变量

Grant

Apply

RD

Grant

Apply

Digital

0.002^***

0.114^***

0.128^***

(19.47)

(13.65)

(14.23)

L.Digital

0.120^***

0.132^***

(17.14)

(17.83)

Lev

−0.344^***

−0.359^***

−0.006^***

−0.306^***

−0.341^***

(−6.80)

(−6.73)

(−10.51)

(−5.17)

(−5.36)

Age

−0.079^***

−0.110^***

−0.002^***

−0.071^***

−0.082^***

(−6.86)

(−9.06)

(−20.44)

(−5.86)

(−6.26)

Size

0.659^***

0.709^***

0.001^***

0.639^***

0.695^***

(73.62)

(75.02)

(12.46)

(56.49)

(57.24)

Cashflow

−0.063

−0.289^**

0.004^***

−0.116

−0.268^*

(−0.50)

(−2.18)

(2.71)

(−0.80)

(−1.72)

Board

0.020^***

0.018^***

−0.002^***

−0.084^***

−0.085^***

(4.11)

(3.57)

(−31.39)

(−16.17)

(−15.29)

MB

−0.298^***

−0.403^***

0.000^**

0.013^**

0.015^**

(−7.24)

(−9.27)

(2.57)

(2.37)

(2.43)

CI

−0.089^***

−0.089^***

−0.016^***

−0.417^***

−0.490^***

(−20.32)

(−19.21)

(−31.51)

(−7.57)

(−8.28)

ROA

−0.700^***

−0.181

−0.008^***

−0.292

0.230

(−4.87)

(−1.19)

(−4.44)

(−1.64)

(1.21)

SOE

0.112^***

0.151^***

0.000

0.107^***

0.115^***

(5.85)

(7.49)

(0.30)

(4.77)

(4.77)

Constant

−11.982^***

−12.725^***

0.008^***

−11.451^***

−12.489^***

(−69.95)

(−70.38)

(3.60)

(−54.70)

(−55.56)

Year/Industry

Yes

Yes

Yes

Yes

Yes

N

25,829

25,829

31,127

18,646

18,646

R²

0.523

0.509

0.479

0.513

0.509

Adj_R²

0.521

0.508

0.477

0.510

0.507