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