(1)

(2)

RD

IE

did

0.0031^***

0.0491^***

(2.9013)

(3.7331)

Size

−0.0075^***

−0.4711^***

(−9.5600)

(−48.3689)

Qr

0.0002^**

−0.0011

(2.0230)

(−0.7987)

Lev

0.0002

0.1975^***

(0.0613)

(5.2415)

Grow

0.0019^***

0.0108

(3.1402)

(1.4658)

Age

−0.0035

0.2296^***

(−0.5980)

(3.1523)

Fix

0.0160^***

−0.0395

(3.9357)

(−0.7833)

LnC-den

0.0115^***

0.0918^***

(33.5710)

(21.5998)

Indep

0.0025

−0.1075

(0.3234)

(−1.1282)

GDP_Z

−0.0092

−0.5461^***

(−0.6940)

(−3.3313)

Fin

0.0087

0.0189

(1.2917)

(0.2279)

_cons

0.1890^***

10.8372^***

(8.5125)

(39.3350)

个体效应

Yes

Yes

时间效应

Yes

Yes

N

18454

18454

R2

0.5243

0.1799

Adj. R2

0.4345

0.0181