(1)

(2)

(3)

(4)

DDBTD

DDBTD

BTD

BTD

国有

非国有

国有

非国有

policy

−0.0146^***

−0.0503^***

−0.0027

−0.0184^***

(−2.7397)

(−8.1384)

(−0.7130)

(−4.1369)

lnlabor

−0.0014

−0.0044^***

−0.0000

−0.0010

(−1.3985)

(−3.6003)

(−0.0323)

(−1.1005)

labor

0.0000

−0.0000

0.0000^***

−0.0000

(1.4366)

(−0.1110)

(2.6693)

(−0.1933)

lnasset

0.0033^**

0.0121^***

0.0025^**

0.0080^***

(2.1032)

(6.8380)

(2.1692)

(6.3912)

asset

−0.0000^**

−0.0000^***

−0.0000^**

−0.0000

(−2.4852)

(−2.9017)

(−2.3430)

(−1.5801)

lev

0.0017^**

0.0011^***

0.0014^***

0.0009^***

(2.3963)

(4.5187)

(2.8726)

(5.0823)

npr

−0.0060

−0.0023

−0.0001

−0.0014

(−0.2539)

(−0.7086)

(−0.0055)

(−0.6130)

roa

0.2586^*

0.0830^*

0.1774^*

0.0582^*

(1.6692)

(1.6596)

(1.6563)

(1.6919)

growth

0.0000^***

−0.0000^***

−0.0000^***

−0.0000^***

(6.7067)

(−36.9742)

(−7.1514)

(−26.5589)

age

−0.0003

−0.0003

0.0005

0.0012^**

(−0.3555)

(−0.4421)

(1.0519)

(2.5285)

age₂

0.0000

0.0000

−0.0000

−0.0000^*

(0.1992)

(0.9016)

(−1.2671)

(−1.6525)

ppe

−0.0673^***

−0.0790^***

0.0017

−0.0024

(−7.9579)

(−8.5223)

(0.2720)

(−0.3542)

省份效应

Yes

Yes

Yes

Yes

年份效应

Yes

Yes

Yes

Yes

行业效应

Yes

Yes

Yes

Yes

N

8637

10810

8637

10810