(1)

不考虑货币政策

Innovation

(2)

考虑货币政策

Innovation

BTD

1.3974^*

2.2974^***

[0.7290]

[0.8783]

MP

0.1613^***

[0.0450]

MP_BTD

−0.2553^*

[0.1303]

Size

0.5413^***

0.5432^***

[0.0201]

[0.0201]

Lev

0.1651

0.1606

[0.1229]

[0.1229]

ROA

2.6069^***

2.5837^***

[0.5026]

[0.5028]

TOP1

0.0015

0.0015

[0.0012]

[0.0012]

Age

−0.0083^***

−0.0083^***

[0.0031]

[0.0031]

Growth

−0.0459

−0.0453

[0.0571]

[0.0572]

SOE

0.1291^***

0.1273^***

[0.0402]

[0.0402]

PPE

−0.6743^***

−0.6783^***

[0.1458]

[0.1460]

Cash

−0.1833

−0.1857

[0.1351]

[0.1350]

IND

0.2128

0.2107

[0.2333]

[0.2335]

COMP

0.2200^***

0.2196^***

[0.0302]

[0.0302]

Dual

0.0603

0.0598

[0.0367]

[0.0367]

_cons

−12.6928^***

−13.2073^***

[0.5603]

[0.5676]

行业

控制

控制

年度

控制

控制

N

4308

4308

r2

0.4195

0.4200