公共性发展金融与企业创新

《经济学》（季刊）2023年第6期公共性发展金融与企业创新许坤刘杰目录附录Ⅰ异质性分析部分回归结果 1附录Ⅱ稳健性检验部分回归结果 3附录Ⅰ异质性分析部分回归结果1.不同产权性质表Ⅰ1国有企业：公共性发展金融与企业创新(1)(2)(3)(4)(5)PatentsInventionNon_InventionRDS_AssetRDS_OperatingBPDFL1.503***1.052**1.0070.091**0.075***(3.25)(2.53)(0.57)(2.13)(3.64)控制变量YesYesYesYesYes行业效应YesYesYesYesYes时间效应YesYesYesYesYesN17711771177117711771R2_a0.4360.5110.3350.4680.551表Ⅰ2非国有企业：公共性发展金融与企业创新(1)(2)(3)(4)(5)PatentsInventionNon_InventionRDS_AssetRDS_OperatingBPDFL1.175***0.3351.175**0.061*0.049***(2.82)(0.87)(2.07)(1.75)(3.90)控制变量YesYesYesYesYes行业效应YesYesYesYesYes时间效应YesYesYesYesYesN31673167316731673167R2_a0.2700.3050.1040.5730.2852.不同科技含量表Ⅰ3高科技企业：公共性发展金融与企业创新(1)(2)(3)(4)(5)PatentsInventionNon_InventionRDS_AssetRDS_OperatingBPDFL2.984**1.544***3.486**0.205***0.157***(2.31)(3.32)(2.32)(2.84)(7.37)控制变量YesYesYesYesYes行业效应YesYesYesYesYes时间效应YesYesYesYesYesN21122112211221122112R2_a0.4840.4610.3900.6560.417表Ⅰ4非高科技企业：公共性发展金融与企业创新(1)(2)(3)(4)(5)PatentsInventionNon_InventionRDS_AssetRDS_OperatingBPDFL0.799**0.4081.641***0.030-0.005(2.17)(1.16)(3.46)(1.49)(-0.52)控制变量YesYesYesYesYes行业效应YesYesYesYesYes时间效应YesYesYesYesYesN28262826282628262826R2_a0.2800.2690.1920.3880.458附录Ⅱ稳健性检验部分回归结果1.考虑滞后期影响表Ⅱ1考虑滞后期影响：公共性发展金融与企业创新(1)(2)(3)(4)(5)PatentsInventionNon_InventionRDS_AssetRDS_OperatingBPDFL1.603*1.171*3.849**0.092*0.067***(1.85)(1.80)(2.09)(1.96)(2.60)滞后项YesYesYesYesYes控制变量YesYesYesYesYesN25062506250625062506Wald1003.42959.33299.461593.461431.960.00000.00000.00000.00000.0000AR(1)_p0.00000.00000.00000.01660.0121AR(2)_p0.96370.45290.64720.08090.1968Sargan(p)0.42750.93600.05350.46090.08642.工具变量表Ⅱ2工具变量：公共性发展金融与企业创新(1)(2)(3)(4)(5)(6)第一阶段第二阶段BPDFLPatentsInventionNon_InventionRDS_AssetRDS_OperatingBPDFL_IV0.866***(89.90)Dir_turn0.009***(8.06)BPDFL1.181***1.301***1.363***0.070**0.030***(3.16)(3.55)(3.09)(1.98)(2.76)控制变量YesYesYesYesYesYes行业效应YesYesYesYesYesYes时间效应YesYesYesYesYesYesN470347034703470347034703识别不足检验（Chi-sq）3015.550弱工具变量检验（F）4120.034过度识别检验（HansenJ-Pvalue）0.1900.2930.3100.1360.1053.政策冲击测试表Ⅱ3政策冲击下公共性发展金融与企业创新(1)(2)(3)(4)(5)PatentsInventionNon_InventionRDS_AssetRDS_OperatingPolicy×BPDFL1.028**0.961**-0.5330.088***0.012**(2.19)(2.10)(-0.93)(3.33)(2.04)BPDFL2.092**3.335***0.2180.176***0.015*(2.36)(3.85)(0.18)(2.79)(1.78)Policy1.248**1.746***-0.3550.097*0.011***(2.01)(2.89)(-0.45)(1.75)(2.88)控制变量YesYesYesYesYes行业效应YesYesYesYesYes时间效应YesYesYesYesYesN49384938493849384938R2_a0.3450.3490.1980.6630.5544.更换解释变量表Ⅱ4更换变量：公共性发展金融与企业创新(1)(2)(3)(4)(5)PatentsInventionNon_InventionRDS_AssetRDS_OperatingBPDFL／Loan5.197***6.120***2.3870.436***0.031*(2.96)(3.69)(1.06)(2.87)(1.74)控制变量YesYesYesYesYes行业效应YesYesYe