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6 各面板变量协整检验结果

Table 6 Panel cointegration test

整体 导入期 成长期 成熟期 Statistic Prob. Statistic Prob. Statistic Prob. Statistic Prob. Panel v-Statistic -1.4031 0.9197 -1.6873 0.9542 -0.2534 0.6000 -1.0454 0.8521 Panel rho-Statistic 5.4695 1.0000 1.4791 0.9304 1.8750 0.9696 4.6703 1.0000 Panel PP-Statistic -5.8396 0.0000 -5.8796 0.0000 -7.1774 0.0000 -2.3860 0.0085 Panel ADF-Statistic -5.4631 0.0000 -5.3137 0.0000 -5.5690 0.0000 -2.5053 0.0061 Panel v-Statistic(weight statistic) 2.5189 0.0059 8.5528 0.0000 0.9109 0.1812 0.2356 0.4069 Panel rho-Statistic(weight statistic) 5.1799 1.0000 2.1505 0.9842 1.4812 0.9307 4.4846 1.0000 Panel PP-Statistic(weight statistic) -7.1078 0.0000 -2.4921 0.0064 -7.1757 0.0000 -3.8153 0.0001 Panel ADF-Statistic(weight statistic) -6.5046 0.0000 -2.4469 0.0072 -6.2991 0.0000 -3.6318 0.0001