变量名称

(1)

(2)

(3)

(4)

(5)

(6)

CCR

Policy

0.315^***

0.297^***

0.410^***

0.365^***

0.375^***

0.346^***

(5.44)

(5.92)

(4.56)

(4.80)

(4.68)

(4.94)

soe

0.177^***

0.289^***

0.266^***

(3.32)

(3.50)

(3.47)

patent

0.076^***

0.090^***

0.085^***

(4.14)

(3.18)

(3.46)

export

0.001

0.002

0.002

(0.96)

(1.22)

(1.65)

lev

−0.010^***

−0.009^***

−0.010^***

(−5.90)

(−4.00)

(−4.60)

roe

0.017^***

0.017^***

0.014^***

(7.57)

(5.64)

(4.49)

gdpgrowth

0.001

0.004

0.006

(0.23)

(0.68)

(1.10)

environment

0.019

0.039

0.039

(0.67)

(0.68)

(1.26)

Constant

2.838^***

2.860^***

2.819^***

2.737^***

2.823^***

2.778^***

(84.26)

(29.77)

(55.74)

(16.06)

(64.45)

(21.02)

AreaFE

YES

YES

YES

YES

YES

YES

YearFE

YES

YES

YES

YES

YES

YES

IndustryFE

YES

YES

YES

YES

YES

YES

Adj_R²

0.096

0.307

0.105

0.306

0.095

0.284

Observations

2290

2290

1374

1374

1832

1832