Independent variables

R&D institutions

All enterprises

Universities

RD

1.4588***

(7.07)

1.7540***

(7.62)

1.4610***

(7.25)

subsidy

0.0172***

(13.28)

0.0172***

(13.29)

0.0172***

(13.30)

ownership

−0.0036***

(−2.77)

−0.0036***

(−2.71)

−0.0037***

(−2.79)

size

0.0157***

(44.67)

0.0157***

(44.69)

0.0157***

(44.68)

wage

0.0057***

(5.65)

0.0057***

(5.65)

0.0056***

(5.62)

edu

0.0016***

(4.47)

0.0016***

(4.48)

0.0016***

(4.48)

labor_rd

5.1454***

(4.28)

RD*labor_rd

18.6967

(0.45)

firm_rd

4.6658**

(2.32)

RD*firm_rd

120.1524**

(2.08)

college_rd

31.7014***

(7.67)

RD*college_rd

214.8706

(1.13)

Intercept term

−0.1411***

(−20.22)

−0.1262***

(−13.72)

−0.1399***

(−24.20)