(1)

(2)

R&D

R&DR (%)

FinTech

0.0847^***

0.0190^**

(3.3581)

(1.8396)

Growth

0.6732^**

0.4624^***

(2.3948)

(6.3338)

Lev

−1.1392^***

−1.4019^***

(−4.9827)

(−6.1587)

First

0.0585

0.0246

(1.5311)

(1.2313)

Age

0.02769

−0.0553^***

(1.2362)

(−3.6702)

GDP

0.6185^***

0.2703^***

(6.0851)

(4.4260)

Size

0.1257^***

0.0797^***

(5.0448)

(4.2951)

Roa

−2.07312

−3.5649^***

(−0.7107)

(−14.6788)

_cons

−4.59e+09^***

14.3952^***

(−13.1020)

(4.3778)

企业个体

Yes

Yes

年份*行业

Yes

Yes

N

30592

30592

Within R²

0.0877

0.0556