| 变量 | (1) | (2) | (3) | (4) | (5) |
| subsidy | 0.057*** (52.638) | 0.029*** (21.294) | 0.025*** (12.614) | 0.027*** (14.734) | 0.011*** (7.492) |
| size |
| 0.228*** (39.199) | 0.220*** (36.453) | 0.214*** (35.592) | 0.091*** (13.248) |
| age |
| 0.358*** (15.328) | −0.007 (−0.201) | −0.064** (−2.041) | −0.157** (−2.381) |
| leverage |
| −0.103*** (−3.510) | −0.055* (−1.886) | −0.201*** (−7.151) | −0.358*** (−13.447) |
| klr |
| 0.001*** (28.238) | 0.001*** (26.706) | 0.001*** (29.163) | 0.001*** (19.202) |
| 常数项 | 13.029*** (863.382) | 10.501*** (133.913) | 11.616*** (108.596) | 11.854*** (117.435) | 13.395*** (71.372) |
| 控制时间效应 | 否 | 否 | 是 | 是 | 是 |
| 控制行业效应 | 否 | 否 | 否 | 是 | 是 |
| 控制个体效应 | 否 | 否 | 否 | 否 | 是 |
| 样本量 | 13,878 | 13,878 | 13,878 | 13,878 | 13,878 |
| R2 | 0.166 | 0.276 | 0.294 | 0.411 | 0.714 |