变量

模型(1)

TobinQ

模型(2)

RDSpendSum

模型(3)

TobinQ

res

−0.0170^***

−11399120.7^***

−0.0152^**

(−2.58)

(−3.86)

(−2.32)

Size

−0.126^**

254198884.0^***

−0.164^***

(−2.28)

(10.29)

(−2.96)

Lev

−0.231

−417808923.0^***

−0.168

(−1.26)

(−5.08)

(−0.92)

ROA2

1.689^***

−511493686.5^*

1.767^***

(2.80)

(−1.89)

(2.93)

ROE

0.235

194234748.5

0.206

(0.69)

(1.27)

(0.60)

Cashflow

0.0827

55566290.4

0.0742

(0.34)

(0.51)

(0.31)

Growth

−0.00434

−97529.2

−0.00432

(−0.97)

(−0.05)

(−0.97)

CAP

−0.0841^***

−23636654.1^***

−0.0806^***

(−5.46)

(−3.42)

(−5.24)

Invest1

−0.326^**

−49352491.8

−0.319^**

(−2.04)

(−0.69)

(−2.00)

Indep

0.0129^***

−4964973.4^***

0.0136^***

(3.18)

(−2.74)

(3.38)

Dual

−0.0534

−3072035.4

−0.0530

(−1.12)

(−0.14)

(−1.11)

Top10

−0.00262

3979508.9^***

−0.00322

(−1.03)

(3.48)

(−1.27)

Seperate

0.000659

−74069.8

0.000670

(0.16)

(−0.04)

(0.16)

FirmAge

0.618

666871409.5^***

0.517

(1.58)

(3.79)

(1.32)

RDSpendSum

1.51e−10^***

(5.55)

_cons

3.780^***

−6.74785e+09^***

4.801^***

(2.67)

(−10.63)

(3.38)

Year

Yes

Yes

Yes

Firm

Yes

Yes

Yes

N

8532

8532

8532