风险投资与政府补贴对新材料企业技术创新的激励效应及差异

王昶, 王恺霖, 宋慧玲

Incentive effects and differences of venture capital and government subsidies on technological innovation of advanced material enterprises

WANG Chang, WANG Kailin, SONG Huiling

表4 风险投资与政府补贴对新材料企业技术创新激励的主效应分析

Table 4 The main effect of venture capital and government subsidy on technological innovation incentive of advanced material enterprises

变量	(1) lnpat	(2) lnpat	(3) lnpat	(4) lnpat	(5) lnpat	(6) lnpat
lnvc	0.136***	0.053***	0.044**
	(0.0153)	(0.0179)	(0.0180)
lnsub				0.226***	0.181***	0.131***
				(0.000)	(0.0379)	(0.0353)
lnsize		0.116***	0.0373*		0.0488*	-0.00765
		(0.0205)	(0.0191)		(0.0269)	(0.0245)
lev		-0.758*	0.639**		-0.950**	0.472
		(0.404)	(0.308)		(0.395)	(0.303)
roa		-2.208	2.174		-2.122	2.182
		(1.474)	(1.423)		(1.459)	(1.413)
hold		1.093**	0.426		0.851*	0.216
		(0.444)	(0.333)		(0.442)	(0.326)
Constant	1.4407***	0.932***	0.598***	1.164***	1.094***	0.744***
	(0.1072)	(0.129)	(0.159)	(0.000)	(0.121)	(0.155)
Observations	710	710	710	710	710	710
R-squared	0.111	0.201	0.312	0.195	0.218	0.319
Ajust_R²	0.012	0.106	0.298	0.106	0.125	0.306
F_value	79.48	31.88	22.52	154.70	35.31	23.30
时间控制	否	否	是	否	否	是