(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

VARIABLES

电信、广播电视和卫星传输服务

互联网和相关服务

算机、通信和其他电子设备制造业

软件和信息技术服务业

Subsidy

0.447

0.945^**

0.133

0.560^**

(1.53)

(2.50)

(1.35)

(2.3)

Tax

−0.096

−0.325

0.725^***

1.000^***

(−0.31)

(−1.61)

(4.52)

(3.7)

Size

0.011^***

−0.013^***

0.014^***

−0.013^***

−0.007^***

−0.008^***

−0.011^***

−0.013^***

(−2.80)

(−3.58)

(−3.23)

(−3.29)

(−3.28)

(−3.54)

(−2.63)

(−3.15)

Lev

0.012

0.013

0.016

0.013

(0.004)

(0.007)

(0.013)

(0.000)

(0.98)

(0.84)

(1.08)

(0.79)

(−0.68)

−1.22

(−1.25)

(−0.01)

Age

0.009^***

−0.003^***

−0.005^***

−0.000

−0.001^***

0.000

0.000

0.001

(2.71)

(−3.60)

(−2.64)

(−0.36)

(−4.78)

(0.32)

(0.28)

(0.99)

Roe

0.074

0.097

0.008

0.04

0.041^***

−0.022

0.024

−0.070^**

(1.62)

(1.22)

(0.38)

(1.48)

(3.96)

(−1.32)

(0.85)

(−1.97)

年份固定效应

Control

Control

Control

Control

Control

Control

Control

Control

个体固定效应

Control

Control

Control

Control

Control

Control

Control

Control

Observations

48

48

156

156

1078

1078

648

648