被解释变量

探索式创新投入(R)

模型(1)

模型(2)

(1)

(2)

(3)

(4)

Debt

−0.026^***

−0.013^***

−0.008^***

−0.002

(−10.469)

(−5.296)

(−2.607)

(−0.515)

YF

0.034^***

0.027^***

(10.301)

(9.242)

DebtYF

−0.061^***

−0.045^***

(−4.021)

(−3.287)

Fix

−0.019^***

−0.017^***

(−6.239)

(−5.777)

Cfo

−0.003

−0.001

(−0.388)

(−0.164)

Sale

0.012^***

0.013^***

(9.462)

(10.406)

Age

−0.011^***

−0.009^***

(−7.444)

(−6.394)

TBQ

0.004^***

0.004^***

(13.169)

(12.555)

Board

0.001

−0.001

(0.223)

(−0.350)

_cons

0.032^***

0.046^***

0.023^***

0.036^***

(52.928)

(6.647)

(25.082)

(5.388)

N

8366

8366

8366

8366

Adj-R²

0.261

0.382

0.302

0.408

Year

YES

YES

YES

YES

Ind

YES

YES

YES

YES

Prov

YES

YES

YES

YES