VARIABLES

Z

(1) 技术领域

Z

(2) 应用领域

Dt

0.867^***

(0.304)

0.697^***

(0.247)

Dt1

−0.05

(0.174)

Dt1²

−0.029

(0.063)

Dt2

0.907^**

(0.376)

Dt2²

−0.218^***

(0.081)

Roe

−17.20^***

(4.325)

−16.84^***

(4.270)

Gro

0.031

(0.251)

0.100

(0.234)

qu

−0.467

(0.347)

−0.422

(0.344)

Sum

0.017^**

(0.008)

0.018^*

(0.008)

Board

0.143^**

(0.061)

0.018^**

(0.008)

Mshare

0.012

(0.018)

−0.011

(0.021)

Constant

−3.767^***

(0.945)

−3.139^***

(0.991)

个体效应

Yes

Yes

时间效应

Yes

Yes

样本量

492

492

R²

0.295

0.322