变量

Q

全样本

国有样本

非国有样本

CENT

0.473***

(9.25)

0.388***

(4.34)

0.564***

(8.87)

RD

4.036***

(21.54)

4.230***

(10.70)

3.957***

(18.54)

SIZE

−0.369***

(−48.19)

−0.327***

(−28.57)

−0.398***

(−38.09)

AGE

0.334***

(32.77)

0.167***

(8.94)

0.419***

(31.88)

LEV

−0.426***

(−9.62)

−0.630***

(−8.73)

−0.315***

(−5.66)

Grow

0.085***

(5.60)

0.059**

(2.10)

0.105***

(5.83)

Cons

8.541***

(47.39)

8.513***

(28.26)

8.831***

(37.22)

IND

YES

YES

YES

YEAR

YES

YES

YES

Adj-R²

0.3441

0.4068

0.3317

F

126.482

57.848

88.881

N

21,765

6715

15,050