非国企

国企

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

变量

Op法

Op法

Lp法

Lp法

Op法

Op法

Lp法

Lp法

IPR

1.018^***

1.018^***

−1.111^***

−1.112^***

1.113^***

1.112^***

−1.172^***

−1.171^***

(101.79)

(101.72)

(−113.61)

(−113.74)

(112.47)

(112.25)

(−118.32)

(−118.10)

Pat

−0.004

−0.019

0.014^*

−0.012^*

(−0.51)

(−2.67)

(1.76)

(−1.56)

netprofit

0.086^***

0.087^***

0.069^***

0.070^***

0.048^***

0.048^***

0.063^***

0.063^***

(7.21)

(7.22)

(5.88)

(5.98)

(4.72)

(4.69)

(6.12)

(6.15)

size

5.656^***

5.704^***

7.097^***

7.345^***

5.432^***

5.209^***

7.092^***

7.289^***

(11.98)

(11.84)

(15.37)

(15.61)

(11.31)

(10.49)

(14.76)

(14.67)

Lev

0.431^***

0.430^***

0.307^***

0.300^***

0.466^***

0.470^***

0.529^***

0.526^***

(6.39)

(6.36)

(4.65)

(4.55)

(6.07)

(6.12)

(6.88)

(6.84)

Earning

−0.023

−0.023

−0.028

−0.028

0.017

0.017

0.009

0.009

(−0.82)

(−0.82)

(−1.02)

(−1.02)

(1.30)

(1.34)

(0.71)

(0.67)

First

0.001

0.001

0.000

0.000

−0.003^**

−0.003^**

−0.001

−0.001

(0.79)

(0.78)

(0.35)

(0.29)

(−2.73)

(−2.61)

(−1.05)

(−1.15)

TQ

−0.034^***

−0.034^**

0.043^***

0.043^***

−0.083^**

−0.083^**

0.076^***

0.076^***

(−6.43)

(−6.43)

(8.28)

(8.26)

(−9.98)

(−9.96)

(9.10)

(9.08)

ROA

1.272^***

1.272^***

1.001^***

0.999^***

1.551^***

1.542^***

0.720^**

0.729^**

(4.20)

(4.20)

(3.38)

(3.38)

(4.89)

(4.86)

(2.27)

(2.29)

Year

控制

控制

控制

控制

控制

控制

控制

控制

Observations

4015

4015

4015

4015

3962

3962

3962

3962

R-squared

0.978

0.978

0.977

0.977

0.979

0.979

0.979

0.979

Number

545

545

545

545

426

426

426

426

Company FE

YES

YES

YES

YES

YES

YES

YES

YES

F test

0

0

0

0

0

0

0

0

r2_a

0.974

0.974

0.974

0.974

0.977

0.977

0.976

0.976

F

8443

7997

8274

7853

9207

8728

9041

8569