(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