变量

Q

全样本

国有样本

非国有样本

CENT

0.791***

(11.32)

0.831***

(7.37)

0.820***

(9.09)

RD

7.109***

(14.30)

10.204***

(10.11)

6.129***

(10.50)

CENT*RD

−6.958***

(−6.67)

−13.460***

(−6.43)

−4.923***

(−4.00)

SIZE

−0.375***

(−48.68)

−0.337***

(−29.27)

−0.400***

(−38.29)

AGE

0.336***

(32.93)

0.159***

(8.56)

0.421***

(32.03)

LEV

−0.420***

(−9.48)

−0.595***

(−8.26)

−0.314***

(−5.64)

Grow

0.088***

(5.82)

0.060**

(2.13)

0.107***

(5.95)

Cons

8.507***

(47.23)

8.583***

(28.56)

8.754***

(36.79)

IND

YES

YES

YES

YEAR

YES

YES

YES

Adj-R²

0.3454

0.4104

0.3324

F

125.842

57.995

88.121

N

21,765

6715

15,050