| VARIABLES | 模型(1) | 模型(2) | ||
| Subsidy | 0.271*** |
| ||
|
| (2.66) |
| ||
| Tax |
| 0.379** | ||
|
|
| (2.25) | ||
| Size | −0.009*** | −0.010*** | ||
|
| (−4.83) | (−5.26) | ||
| Lev | −0.005 | 0.001 | ||
|
| (−0.99) | (0.11) | ||
| Age | −0.001*** | −0.001*** | ||
|
| (−4.13) | (−2.63) | ||
| Roe | 0.030*** | −0.004 | ||
|
| (3.13) | (−0.29) | ||
| Constant | 0.263*** | 0.286*** | ||
|
| (4.88) | (5.35) | ||
| 年份固定效应 | Control | Control | ||
| 个体固定效应 | Control | Control | ||
| Observations | 1930 | 1930 | ||
| R-squared | 0.925 | 0.925 | ||