变量

国有企业(1)

非国有企业(2)

高新技术企业(3)

非高新技术企业(4)

Score

Score

Score

Score

Treat × Time

0.831^** (3.17)

0.337 (1.63)

0.537^** (3.23)

1.341 (1.77)

Age

−1.809 (−0.71)

−4.277^** (−2.83)

−4.674^*** (−3.68)

−4.675 (−0.91)

Sep

0.00273 (0.12)

0.00233 (0.11)

0.0136 (0.92)

0.0809 (1.09)

Concen

−0.0236 (−1.53)

0.0312^* (2.31)

0.0210^* (2.06

−0.0506 (−1.05)

Size

5.87e−12 (1.30)

5.68e−11^*** (7.54)

2.55e−11^*** (5.77)

2.08e−11^* (2.00)

Rdi

0.0135 (0.0135)

−0.0404 (−1.80)

−0.0243 (−1.30)

0.0557 (0.42)

TBQ

−0.0440 (−0.50)

−0.0475 (−0.82)

−0.0317 (−0.64)

−0.0689 (−0.35)

Gxh

0.000000104^** (2.59)

6.31e−08^* (2.23)

7.95e−08^*** (3.42)

0.000000200 (0.93)

Year

Yes

Yes

Yes

Yes

Firm

Yes

Yes

Yes

Yes

Cons

78.61^*** (10.71)

82.91^*** (20.12)

84.50^*** (23.83)

86.07^*** (5.91)

Adj. R2

0.0345

0.0195

0.0183

0.0496

Observations

2998

5946

8480

464