| (1) | (2) |
RD | RD | |
ERCD | 0.058** | 0.041 |
| (0.027) | (0.026) |
企业规模(SIZE) | 0.664*** | 0.295*** |
| (0.063) | (0.048) |
资产负债率(LEV) | 0.265 | −0.102 |
| (0.225) | (0.208) |
总资产周转率(ATO) | −2.282*** | −2.435*** |
| (0.126) | (0.113) |
现金流比率(CASHFLOW) | 0.283 | 0.168 |
| (0.358) | (0.357) |
管理费用率(MFEE) | 9.937*** | 10.531*** |
| (0.564) | (0.543) |
董事人数(BOARD) | −0.274 | −0.552*** |
| (0.194) | (0.181) |
_cons | −8.947*** | 0.100 |
| (1.425) | (1.091) |
N | 10020.000 | 10020.000 |
r2 | 0.106 |
|
r2_a | −0.074 |
|