RD Intensity | (1) Total | (2) Growth Period | (3) Mature Period | (4) Decline Period |
Subsidy | 0.05006*** | 0.38359*** | 0.16043*** | −0.28460 |
EPS | 0.00032 | −0.00068 | −0.00003 | −0.04205 |
ROA | −0.00074*** | −0.00080*** | −0.00053*** | 0.00354 |
Size | −0.00415*** | −0.00523 | −0.00231 | 0.09077 |
Profit | 0.00167*** | 0.00314*** | 0.00056 | −0.02716 |
Growth | −0.00013* | −0.00010 | 0.00006 | −0.02570 |
Age | −0.00013 | 0.00037 | −0.00044 | −0.00981* |
lk | 0.04441*** | 0.17609*** | 0.15411*** | 0.54083 |
N | 9814 | 3756 | 3657 | 1136 |
F-statistic | 3.52 | 1.47 | 2.25 | 3.14 |
R-squared | 0.36 | 0.13 | 0.31 | 0.95 |