(1)

(2)

(3)

(4)

(5)

(6)

did

SA指数

RD

IE

SA指数

IE

did

0.0031^***

−0.0344^***

0.0024^**

0.0491^***

−0.0344^***

0.0507^***

(2.9013)

(−24.5256)

(2.2062)

(3.7331)

(−24.5256)

(3.9109)

SA指数

−0.0211^***

−0.0809^***

(−3.4108)

(−2.7596)

Size

−0.0075^***

−0.0107^***

−0.0077^***

−0.4711^***

−0.0107^***

−0.4788^***

(−9.5600)

(−10.4226)

(−9.8166)

(−48.3689)

(−10.4226)

(−50.8248)

Qr

0.0002^**

0.0018^***

0.0003^**

−0.0011

0.0018^***

−0.0013

(2.0230)

(11.2359)

(2.3521)

(−0.7987)

(11.2359)

(−0.9335)

Lev

0.0002

−0.0279^***

−0.0005

0.1975^***

−0.0279^***

0.1825^***

(0.0613)

(−6.9491)

(−0.1563)

(5.2415)

(−6.9491)

(4.9820)

Grow

0.0019^***

−0.0018^**

0.0018^***

0.0108

−0.0018^**

0.0127^*

(3.1402)

(−2.4277)

(3.0941)

(1.4658)

(−2.4277)

(1.7476)

Age

−0.0035

−0.0290^***

−0.0042

0.2296^***

−0.0290^***

0.2601^***

(−0.5980)

(−3.6806)

(−0.7115)

(3.1523)

(−3.6806)

(3.7089)

Fix

0.0160^***

0.0327^***

0.0166^***

−0.0395

0.0327^***

−0.0328

(3.9357)

(6.2186)

(4.0875)

(−0.7833)

(6.2186)

(−0.6670)

LnC-den

0.0115^***

−0.0000

0.0115^***

0.0918^***

−0.0000

0.0943^***

(33.5710)

(−0.0764)

(33.4513)

(21.5998)

(−0.0764)

(22.7145)

Indep

0.0025

0.0163

0.0028

−0.1075

0.0163

−0.0585

(0.3234)

(1.5859)

(0.3596)

(−1.1282)

(1.5859)

(−0.6307)

GDP_Z

−0.0092

−0.0091

−0.0093

−0.5461^***

−0.0091

−0.5791^***

(−0.6940)

(−0.5154)

(−0.7044)

(−3.3313)

(−0.5154)

(−3.6792)

Fin

0.0087

0.0010

0.0086

0.0189

0.0010

0.0087

(1.2917)

(0.1079)

(1.2880)

(0.2279)

(0.1079)

(0.1056)

_cons

0.1890^***

−3.3229^***

0.1193^***

10.8372^***

−3.3229^***

10.6160^***

(8.5125)

(−112.0882)

(3.9521)

(39.3350)

(−112.0882)

(37.3390)

个体效应

Yes

Yes

Yes

Yes

Yes

Yes

时间效应

Yes

Yes

Yes

Yes

Yes

Yes

N

18454

17103

16372

18454

17103

16372

R2

0.5243

0.2784

0.5075

0.1710

0.2772

0.1662

Adj. R2

0.4345

0.1336

0.4056

0.0134

0.1323

−0.0078