| 解释变量 | (1) 研发创新 产出 | (2) 研发创新 产出 | (3) 研发创新 产出 | (4) 研发创新 产出 | (5) 企业社会责任 工具变量回归 | |
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| 第一阶段 | 第二阶段 |
| Ino | Ino | Ino | Ino | LCSR | FRD | |
| LCSR | 0.2558*** |
|
|
|
| 0.009*** |
| (0.0314) |
|
|
|
| (0.003) | |
| LCSR_IV |
|
|
|
| 0.022*** |
|
|
|
|
|
| (0.002) |
| |
| FSub |
| 0.4241*** |
|
|
|
|
|
| (0.0177) |
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|
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| |
| ERT |
|
| 0.5477*** |
|
|
|
|
|
| (0.0201) |
|
|
| |
| Taxp |
|
|
| 0.1805*** |
|
|
|
|
|
| (0.0132) |
|
| |
| _cons | 11.4741*** | 6.9581*** | 6.5412*** | 9.8101*** | 1.359*** | 0.057*** |
| (0.6411) | (0.5757) | (0.6012) | (0.6379) | (0.127) | (0.008) | |
| 行业、时间固定效应控制变量 | Yes | Yes | Yes | Yes | Yes | Yes |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| R-squared样本个数 | 13482 | 16233 | 7982 | 12873 | 13751 | 13751 |
| 0.1650 | 0.3219 | 0.3683 | 0.2377 | 0.082 | 0.030 | |
| F (Wald chi2) |
|
|
|
| 53.58 | 981.14 |
| 弱工具变量检验 |
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|
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| 107.564 |
|
|
|
|
|
|
| (0.000) |
|