|
| 高新技术企业 | 非高新技术企业 | ||||||
| 模型(1) | 模型(2) | 模型(3) | 模型(4) | 模型(1) | 模型(2) | 模型(3) | 模型(4) | |
| SUBR | 0.8710*** | 1.2110*** | 0.7110*** | 0.6700*** | 0.3010*** | 0.7130*** | 0.2840*** | 0.2480*** |
|
| (0.0370) | (0.0896) | (0.0471) | (0.0641) | (0.0215) | (0.103) | (0.0213) | (0.0213) |
| T |
| −1.3750*** |
|
|
| −1.4810*** |
|
|
|
|
| (0.3250) |
|
|
| (0.3630) |
|
|
| B2 |
|
| 0.3390*** |
|
|
| −0.3910*** |
|
|
|
|
| (0.0297) |
|
|
| (0.0321) |
|
| M |
|
|
| 0.5650*** |
|
|
| 2.9290*** |
|
|
|
|
| (0.1500) |
|
|
| (0.2430) |
| Size | 0.0025*** | 0.0026*** | 0.0023*** | 0.0026*** | 0.0027*** | 0.0028*** | 0.0029*** | 0.0031*** |
|
| (0.0009) | (0.0009) | (0.0009) | (0.0009) | (0.0008) | (0.0008) | (0.0008) | (0.0008) |
| Lev | −0.0400*** | −0.0398*** | −0.0392*** | −0.0397*** | −0.0201*** | −0.0196*** | −0.0224*** | −0.0172*** |
|
| (0.0048) | (0.0047) | (0.0047) | (0.0047) | (0.0054) | (0.0054) | (0.0053) | (0.0052) |
| ROA | −0.1260*** | −0.1220*** | −0.1230*** | −0.1290*** | −0.0570*** | −0.0514*** | −0.0581*** | −0.0616*** |
|
| (0.0113) | (0.0113) | (0.0113) | (0.0113) | (0.0139) | (0.0140) | (0.0138) | (0.0136) |
| board | 0.0058 | 0.0054 | 0.0049 | 0.0066 | −0.0034 | −0.0041 | −0.0034 | −0.0030 |
|
| (0.0044) | (0.0044) | (0.0044) | (0.0044) | (0.0047) | (0.0047) | (0.0046) | (0.0046) |
| indep | 0.0660*** | 0.0663*** | 0.0636*** | 0.0665*** | 0.0281* | 0.0288* | 0.0241 | 0.0200 |
|
| (0.0145) | (0.0145) | (0.0145) | (0.0145) | (0.0151) | (0.0150) | (0.0149) | (0.0147) |
| bm | −0.0095*** | −0.0096*** | −0.0096*** | −0.0096*** | −0.0037*** | −0.0036*** | −0.0036*** | −0.0042*** |
|
| (0.0013) | (0.0013) | (0.0013) | (0.0013) | (0.0009) | (0.0009) | (0.0009) | (0.0009) |
| listage | −0.0042*** | −0.0050*** | −0.0036** | −0.0027 | −0.0114*** | −0.0119*** | −0.0112*** | −0.0075*** |
|
| (0.0015) | (0.0016) | (0.0016) | (0.0017) | (0.0016) | (0.0016) | (0.0016) | (0.0017) |
| growth | −0.0050*** | −0.0052*** | −0.0056*** | −0.0050*** | −0.0021 | −0.0028 | −0.0020 | −0.0023 |
|
| (0.0019) | (0.0019) | (0.0019) | (0.0019) | (0.0022) | (0.0022) | (0.0022) | (0.0021) |
| cons | −0.0544** | −0.0523** | −0.0502** | −0.0620*** | −0.0253 | −0.0220 | −0.0292 | −0.0446** |
|
| (0.0216) | (0.0215) | (0.0215) | (0.0218) | (0.0203) | (0.0202) | (0.0200) | (0.0199) |
| N | 3883 | 3883 | 3883 | 3883 | 2627 | 2627 | 2627 | 2627 |
| R2 | 0.308 | 0.314 | 0.315 | 0.312 | 0.361 | 0.367 | 0.378 | 0.397 |
| 年份固定效应 | YES | YES | YES | YES | YES | YES | YES | YES |
| 行业固定效应 | YES | YES | YES | YES | YES | YES | YES | YES |