(1)

(2)

tfp

tfp

did

0.0514*

0.0380

(12.74)

(5.56)

ln_size

−0.0617

−0.124

(−2.09)

(−1.88)

ln_staff

−0.181**

−0.185**

(−173.62)

(−76.53)

ln_earning

0.307

0.342

(10.15)

(4.55)

_cons

−3.823**

−3.169*

(−425.49)

(−22.70)

时间固定效应

个体固定效应