当期

未来一期

未来二期

Innovation_t

Innovation_t

Innovation_t+1

Innovation_t+1

Innovation_t+2

Innovation_t+2

Pledge_d

−0.189^***

−0.149^***

−0.122^***

(−3.29)

(−2.84)

(−3.15)

Pledge_r

−0.005^***

−0.005^***

−0.003^***

(−5.31)

(−3.16)

(−2.72)

TPU

0.313^*

0.089^**

0.195^*

0.028

0.688

0.026

(1.71)

(2.14)

(1.66)

(0.65)

(1.11)

(1.20)

Pledge_d*TPU

−0.155

−0.160^*

−0.108^***

(−0.84)

(−1.77)

(−3.91)

Pledge_r*TPU

−0.002^***

−0.004^*

−0.003^**

(−3.99)

(−1.67)

(−2.14)

Constant

0.765^**

1.458^***

1.076^***

1.849^***

0.602

0.488

(2.40)

(12.92)

(3.34)

(14.18)

(0.78)

(0.40)

Adj.R²

0.194

0.181

0.170

0.152

0.156

0.142

F值

198.84^***

140.55^***

131.34^***

78.86^***

89.56^***

46.601^***