First stage

Second stage

(Audit Fee)

Second stage

(Opinion)

Second stage

(LAG)

Second stage

Second stage

(Audit Fee)

Second stage

(Opinion)

Second stage

(LAG)

Subsidy

3.13e−09***

2.37e−09***

(4.55)

R&D

0.1611***

−0.0283***

−0.0135**

(4.35)

(−3.45)

(−2.01)

R&D_Z

0.2121***

−0.0375***

−0.0178*

(3.62)

(−3.08)

(−1.93)

Size

0.4172***

0.2850***

0.0528***

0.0199***

0.5135***

0.2433***

0.0618***

0.023***

(7.73)

(13.67)

(7.32)

(4.65)

(10.45)

(6.84)

(5.81)

(3.85)

Lev

−0.1364**

0.0552***

−0.2481***

−0.0024

−0.1038*

0.0552***

−0.2623***

−0.0024

(−2.00)

(3.47)

(−8.45)

(−0.75)

(−1.76)

(3.14)

(−7.39)

(−0.73)

OtherRev

2.6937

1.5689***

−0.2325*

0.5256***

4.4701**

1.0546**

−0.1270

0.5688***

(1.35)

(4.32)

(−1.88)

(5.57)

(2.40)

(2.11)

(−0.85)

(5.48)

Turnover

7.8803***

−1.1265***

0.3488***

0.1532***

8.0005***

−1.5542***

0.4294***

0.1892**

(11.81)

(−3.55)

(4.56)

(2.61)

(13.11)

(−3.15)

(3.90)

(2.42)

CashFlow

−2.7979***

0.6057***

−0.0718*

−0.1346***

−3.0501***

0.802***

−0.1052**

−0.1511***

(−3.79)

(3.69)

(−1.78)

(−3.60)

(−4.62)

(3.52)

(−2.11)

(−3.51)

Growth

0.064

−0.0152

−0.0014

−0.0114**

0.0527

−0.0161

−0.0009

−0.0113**

(0.6)

(−0.84)

(−0.27)

(−2.20)

(0.55)

(−0.77)

(−0.17)

(−2.15)