Research Article
Government Subsidies and Enterprise Innovation: Evidence from China's Photovoltaic Industry
| | | (4) | (5) | (6) |
| | RDSub | 0.239 (3.42) | 1.074 (2.61) | | | RDSub−1 | | 0.809 (2.13) | | NRDSub | 0.035 (0.59) | 0.343 (0.98) | 0.403 (1.18) | | Size | −0.259 (−2.12) | −7.891 (−10.96) | −7.906 (−9.92) | | Own | −1.459 (−0.94) | 24.049 (2.62) | 16.122 (1.79) | | Profit | −0.043 (−2.26) | 0.424 (3.32) | 0.424 (3.38) | | Debt | −5.128 (−7.13) | 5.269 (1.26) | 10.232 (2.18) | | Age | −0.052 (−0.26) | −3.450 (−2.89) | −3.195 (−2.30) | | Firm | Yes | Yes | Yes | | Year | Yes | Yes | Yes | | LR/F | 114.65 | 27.16 | 127.35 | | OBS | 405 | 409 | 290 |
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t-Statistics reported in parentheses. , , and . |
