(1)

(2)

(3)

(4)

变量

Academic

RD1

RD2

RD3

常数项

−6.322***

25.059***

0.207**

0.247***

(−12.454)

(6.097)

(2.161)

(5.526)

第一阶段回归

第二阶段回归

第二阶段回归

第二阶段回归

Academic

0.535***

0.014***

0.007***

(25.957)

(30.086)

(31.189)

Imr

−3.980***

−0.011

−0.029***

(−5.645)

(−0.640)

(−3.757)

Size

0.113***

0.282***

−0.006***

−0.006***

(7.320)

(4.356)

(−4.125)

(−8.951)

Lev

−0.398***

0.918***

−0.026***

0.009***

(−4.893)

(3.943)

(−4.807)

(3.492)

ROA

0.932***

−0.728

−0.034***

0.013**

(3.888)

(−1.331)

(−2.655)

(2.267)

Growth

0.122***

−0.337***

−0.002

−0.003***

(3.503)

(−4.717)

(−1.082)

(−3.466)

Board

0.097

−0.341***

−0.005***

−0.003***

(1.208)

(−4.482)

(−2.935)

(−3.157)

Indep

1.146***

−4.187***

−0.005

−0.028***

(4.121)

(−6.257)

(−0.326)

(−3.839)

FirmAge

−0.340***

0.653***

−0.007

0.004*

(−9.165)

(3.391)

(−1.612)

(1.849)

Age

0.483***

−1.476***

−0.004

−0.010***

(5.487)

(−5.315)

(−0.599)

(−3.392)

Gender

−0.009

0.057

0.000

0.001***

(−0.167)

(1.643)

(0.606)

(3.725)

Degree

0.178***

−0.508***

0.001

−0.003***

(12.428)

(−5.095)

(0.501)

(−2.833)

Site

0.112***

−0.214***

0.002

−0.001*

(7.817)

(−3.342)

(1.047)

(−1.702)

Ind/Year

控制

控制

控制

控制

Pseudo R2

0.0630

Adjusted R squared

0.429

0.358

0.340

F

297.4

221.0

204.1

N

16143

16143

16143

16143