| (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 | ||