|
| 替换变量LnRD | |
| VARIABLES | 模型(1) | 模型(2) |
| Subsidy | 7.941*** |
|
|
| (3.03) |
|
| Tax |
| 8.938* |
|
|
| (1.81) |
| Size | 0.718*** | 0.695*** |
|
| (16.79) | (16.45) |
| Lev | −0.025 | 0.099 |
|
| (−0.19) | (0.65) |
| Age | −0.032*** | −0.021** |
|
| (−4.31) | (−2.57) |
| Roe | 0.665** | −0.153 |
|
| (2.34) | (−0.34) |
| Constant | 3.002** | 3.664*** |
|
| −2.52 | −3.11 |
| 年份固定效应 | Control | Control |
| 个体固定效应 | Control | Control |
| Observations | 1930 | 1930 |
| R-squared | 0.976 | 0.976 |