| (1) | (2) | (3) | (4) | (5) | (6) |
变量 | RD1 | RD1 | RD2 | RD2 | RD3 | RD3 |
Soe = 1 | Soe = 0 | Soe = 1 | Soe = 0 | Soe = 1 | Soe = 0 | |
常数项 | 0.995*** | 0.147 | 0.125*** | 0.114*** | 0.082*** | 0.050*** |
| (2.864) | (0.193) | (12.940) | (10.097) | (18.706) | (7.980) |
Academic | 0.460*** | 0.661*** | 0.013*** | 0.019*** | 0.006*** | 0.009*** |
| (22.116) | (12.186) | (21.833) | (23.299) | (24.085) | (19.828) |
Size | 0.684*** | 0.650*** | −0.005*** | −0.004*** | −0.004*** | −0.003*** |
| (63.338) | (33.030) | (−17.013) | (−13.198) | (−28.087) | (−18.313) |
Lev | −0.327*** | −0.460*** | −0.035*** | −0.015*** | 0.000 | −0.002** |
| (−5.949) | (−4.507) | (−22.944) | (−9.877) | (0.663) | (−2.465) |
ROA | 2.326*** | 1.720*** | −0.036*** | −0.007 | 0.039*** | 0.021*** |
| (14.927) | (4.973) | (−8.279) | (−1.398) | (19.697) | (7.568) |
Growth | 0.004 | 0.086* | −0.002*** | −0.000 | −0.000 | 0.001* |
| (0.151) | (1.695) | (−2.649) | (−0.333) | (−0.987) | (1.760) |
Board | 0.047 | 0.117 | −0.001 | 0.000 | −0.000 | 0.002* |
| (0.815) | (1.156) | (−0.835) | (0.306) | (−0.405) | (1.900) |
Indep | −0.414** | −0.461 | 0.013** | −0.007 | −0.002 | −0.002 |
| (−2.061) | (−1.286) | (2.273) | (−1.328) | (−0.918) | (−0.739) |
FirmAge | −0.352*** | −0.476*** | −0.008*** | −0.011*** | −0.003*** | −0.005*** |
| (−14.454) | (−7.244) | (−11.608) | (−11.202) | (−9.692) | (−10.057) |
Age | 0.000 | 0.492*** | 0.001 | 0.000 | 0.000 | 0.005*** |
| (0.004) | (3.131) | (0.572) | (0.045) | (0.135) | (4.261) |
Gender | 0.100*** | −0.205** | 0.002* | −0.004*** | 0.002*** | −0.000 |
| (2.902) | (−2.287) | (1.845) | (−2.853) | (3.750) | (−0.072) |
Degree | 0.074*** | 0.037 | 0.004*** | 0.001*** | 0.001*** | 0.001*** |
| (8.053) | (1.561) | (13.831) | (4.205) | (10.291) | (3.463) |
Site | 0.132*** | 0.147*** | 0.003*** | 0.002*** | 0.002*** | 0.001*** |
| (12.693) | (9.260) | (8.992) | (7.173) | (12.794) | (7.087) |
Ind/Year | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 |
Adjusted R-squared | 0.454 | 0.405 | 0.302 | 0.362 | 0.280 | 0.345 |
F | 229.1 | 86.80 | 119.7 | 72.63 | 107.3 | 67.31 |
N | 11232 | 4916 | 11232 | 4916 | 11232 | 4916 |
系数差异 | −0.201*** | −0.006*** | −0.003*** | |||
Chi2 | 20.08 | 20.68 | 14.27 | |||
P-Value | 0.0000 | 0.0000 | 0.0002 |