变量

RD

全样本

国有样本

非国有样本

CENT

−0.026***

(−14.35)

−0.018***

(−6.45)

−0.028***

(−11.54)

SIZE

0.000

(0.50)

−0.000

(−0.38)

0.000

(0.40)

AGE

−0.005***

(−13.24)

−0.005***

(−9.40)

−0.004***

(−8.00)

LEV

−0.044***

(−27.81)

−0.028***

(−12.81)

−0.051***

(−24.38)

Grow

−0.003***

(−5.58)

−0.002*

(−1.94)

−0.003***

(−4.81)

Cons

0.053***

(8.13)

0.059***

(6.32)

0.052***

(5.70)

IND

YES

YES

YES

YEAR

YES

YES

YES

Adj-R²

0.3878

0.4141

0.3560

F

154.179

60.314

100.028

N

21,765

6715

15,050