(1)

(2)

(3)

Y_c

GTI

Y_c

ERS

96631.3^***

(11.89)

−3846180.1^**

(−4.61)

879134.8^***

(10.45)

CGDP

−0.0491

(−0.38)

12.34^***

(7.68)

0.237

(1.44)

NP

1.887 (0.54)

−227.4^***

(−4.83)

−3.746

(−0.81)

R&D

0.000763^***

(8.60)

0.0178^***

(19.57)

0.000981^***

(8.07)

LP

−0.00388

(−1.20)

−0.0204

(−0.86)

−0.00417

(−1.17)

GTI

−0.0312^***

(−3.85)

Constant

2876.9^**

(3.07)

972140

(0.86)

3099.4^**

(2.75)

样本量

360

360

360

中介效应占比

9.27%