Independent variables

R&D institutions

All enterprises

Universities

RD

1.4566***

(7.05)

1.6524***

(7.70)

1.4603***

(7.20)

subsidy

0.0172***

(13.28)

0.0172***

(13.28)

0.0172***

(13.29)

ownership

−0.0036***

(−2.78)

−0.0036***

(−2.72)

−0.0036***

(−2.79)

size

0.0157***

(44.67)

0.0157***

(44.69)

0.0157***

(44.69)

wage

0.0057***

(5.65)

0.0057***

(5.66)

0.0056***

(5.63)

edu

0.0016***

(4.39)

0.0016***

(4.47)

0.0016***

(4.48)

labor_rd

3.7476***

(4.28)

RD*labor_rd

13.0953

(0.44)

firm_rd

2.2330**

(2.01)

RD*firm_rd

59.6200*

(1.84)

college_rd

17.2223***

(5.39)

RD*college_rd

120.4807

(1.00)

Intercept term

−0.1415***

(−20.39)

−0.1306***

(−15.13)

−0.1400***

(−21.46)