融资渠道、政府补助与中国矿业企业研发投入
|
郑明贵,张静,董娟
|
Financing Channels,Government Subsidies and R&D Investment of Chinese Mining Enterprises
|
Minggui ZHENG,Jing ZHANG,Juan DONG
|
|
表3 融资渠道对企业研发投入影响的回归结果
|
Table 3 Regression results of the influence of financing channels on R&D investment of enterprises
|
|
变量 | 回归系数 |
---|
模型(1) | 模型(2) | 模型(3) | 模型(4) |
---|
EnFund | 0.0043** | | 0.0099*** | 0.0091*** | | (2.16) | | (4.92) | (3.54) | ExFund | | 0.0080*** | 0.0100*** | | | | (6.58) | (8.06) | | Equity | | | | 0.0161*** | | | | | (7.25) | Debt | | | | 0.0028 | | | | | (1.40) | Size | -0.3900*** | -0.4370*** | -0.4720*** | -0.2930*** | | (-17.72) | (-20.34) | (-23.66) | (-12.46) | Age | -0.4500*** | -0.6750*** | -0.5220*** | -0.4820*** | | (-4.83) | (-5.60) | (-5.03) | (-5.62) | Share | 0.0064*** | 0.0075*** | 0.0070*** | 0.0069*** | | (2.67) | (3.13) | (2.86) | (3.05) | Cap | 1.2460*** | 1.4200*** | 1.5660*** | 1.6730*** | | (7.21) | (7.95) | (8.90) | (10.14) | Growth | -0.0445** | -0.0461** | -0.0486** | -0.0416** | | (-2.23) | (-2.31) | (-2.38) | (-2.13) | year | 控制 | 控制 | 控制 | 控制 | cons | 10.9900*** | 12.6300*** | 12.8900*** | 8.0880*** | | (18.06) | (23.87) | (24.71) | (12.37) | Wald chi2 | 427.24*** | 656.91*** | 966.74*** | 892.46*** | N | 849 | 847 | 847 | 844 |
|
|
|