(1)

(2)

(3)

ds

ds

ds

VC

−0.0316**

(0.0185)

Vcnature1

−0.1968***

(0.0000)

Vcnature2

−0.2439***

(0.0000)

unite

−0.0449*

(0.0672)

investage

−0.2428***

(0.0000)

ifstage

−0.1186***

(0.0043)

hightech

0.1243***

0.2142***

0.2190***

(0.0000)

(0.0000)

(0.0000)

boards

−0.2722**

−0.4985**

−0.3314

(0.0276)

(0.0150)

(0.1141)

bshare

−0.0088*

−0.0126*

−0.0186**

(0.0745)

(0.0860)

(0.0269)

size

0.0388***

0.0578***

0.0611***

(0.0003)

(0.0006)

(0.0004)

roa

−0.7804***

−0.7440***

−0.7483***

(0.0000)

(0.0017)

(0.0017)

growth

−0.0551***

−0.0996***

−0.0792***

(0.0006)

(0.0002)

(0.0026)

lev

0.2028***

0.1355*

0.0936

(0.0000)

(0.0809)

(0.2375)

industry

Control

year

Control

_cons

0.1811

−0.0095

−0.1755

(0.4349)

(0.9791)

(0.6413)

N

2628

1188

1170

adj. R-sq

0.050

0.103

0.086