| (1) | (2) | (3) | (4) | (5) | (6) |
变量 | RD1 | RD1 | RD2 | RD2 | RD3 | RD3 |
常数项 | 3.800*** | 1.972*** | 0.159*** | 0.141*** | 0.093*** | 0.080*** |
| (8.308) | (4.597) | (13.145) | (11.731) | (16.965) | (14.699) |
Academic | 0.675*** | 0.527*** | 0.017*** | 0.015*** | 0.008*** | 0.007*** |
| (28.515) | (24.772) | (27.894) | (25.033) | (28.992) | (26.309) |
Size | 0.608*** | 0.640*** | −0.005*** | −0.005*** | −0.004*** | −0.004*** |
| (43.665) | (49.116) | (−13.997) | (−14.359) | (−24.424) | (−23.862) |
Lev | −0.509*** | −0.128* | −0.044*** | −0.035*** | −0.002* | 0.002** |
| (−6.624) | (−1.808) | (−21.555) | (−17.444) | (−1.884) | (2.519) |
ROA | 1.381*** | 1.991*** | −0.061*** | −0.044*** | 0.032*** | 0.039*** |
| (6.021) | (9.678) | (−10.157) | (−7.589) | (11.615) | (15.053) |
Growth | −0.009 | 0.001 | 0.001 | −0.000 | −0.001 | −0.000 |
| (−0.294) | (0.032) | (1.047) | (−0.279) | (−1.427) | (−1.289) |
Board | −0.426*** | 0.027 | −0.012*** | −0.005** | −0.003*** | 0.001 |
| (−5.641) | (0.396) | (−6.170) | (−2.469) | (−3.230) | (1.250) |
Indep | −0.986*** | −0.590** | 0.005 | 0.010 | −0.002 | 0.001 |
| (−3.723) | (−2.517) | (0.692) | (1.588) | (−0.694) | (0.252) |
FirmAge | −0.081*** | −0.330*** | −0.003*** | −0.010*** | −0.001 | −0.003*** |
| (−2.600) | (−10.670) | (−3.681) | (−10.965) | (−1.539) | (−8.615) |
Age | 0.324*** | −0.002 | 0.004* | 0.000 | 0.003*** | 0.000 |
| (3.815) | (−0.023) | (1.872) | (0.065) | (2.881) | (0.199) |
Gender | 0.055 | 0.096** | 0.002 | 0.003** | 0.002** | 0.002*** |
| (1.046) | (2.050) | (1.222) | (2.062) | (2.469) | (3.465) |
Degree | 0.061*** | 0.056*** | 0.004*** | 0.003*** | 0.001*** | 0.001*** |
| (4.413) | (4.536) | (11.079) | (9.929) | (7.888) | (7.531) |
Site | 0.119*** | 0.118*** | 0.003*** | 0.003*** | 0.001*** | 0.001*** |
| (8.485) | (9.352) | (8.350) | (7.079) | (8.427) | (8.158) |
Ind/Year | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 |
Adjusted R-squared | 0.322 | 0.474 | 0.263 | 0.350 | 0.241 | 0.336 |
F | 277.1 | 154.3 | 208.7 | 92.84 | 185.7 | 87.10 |
N | 6980 | 6980 | 6980 | 6980 | 6980 | 6980 |