Research Article
Government Subsidies and Enterprise Innovation: Evidence from China's Photovoltaic Industry
| | | Enterprise size | Enterprise ownership | Policy orientation | | (7) | (8) | (9) | (10) | (11) | (12) |
| | RDSub | 1.940 (2.55) | 0.655 (2.03) | 1.690 (3.55) | 0.574 (0.83) | 1.075 (1.43) | 1.148 (2.47) | | NRDSub | 3.795 (3.36) | 0.182 (0.74) | 1.422 (3.25) | −0.421 (−0.72) | 1.094 (1.66) | 0.262 (0.67) | | Size | −27.567 (−12.41) | −4.240 (−5.81) | −9.780 (−11.47) | −4.58 (−3.77) | −14.500(−10.34) | −5.550 (−7.14) | | Own | 21.283 (0.71) | 6.221 (0.99) | ___ | 10.405 (1.38) | 26.273 (1.83) | 10.691 (0.97) | | Profit | 0.179 (0.85) | 0.286 (3.20) | −0.474 (3.61) | 0.088 (0.62) | 0.545 (2.82) | 0.361 (2.82) | | Debt | −6.194 (−0.85) | 0.801 (0.23) | 5.651 (1.24) | −10.986 (−1.53) | −10.519 (1.52) | 2.971 (0.61) | | Age | 0.768 (0.33) | −0.946 (−0.93) | −2.391 (−1.82) | −5.007 (−2.37) | −1.463 (−0.72) | −1.928 (−1.33) | | Firm | Yes | Yes | Yes | Yes | Yes | Yes | | Year | Yes | Yes | Yes | Yes | Yes | Yes | | LR Chi2 | 139.64 | 69.12 | 177.15 | 39.70 | 122.19 | 86.18 | | OBS | 153 | 256 | 336 | 73 | 130 | 279 |
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Z-Statistics reported in parentheses. , , and . |
