PanelA：是否引入外资大股东

PanelB：外资大股东持股比例

innov_self

innov_copy

innov_self

innov_copy

Foreign_if

−0.0306^***

0.1483^***

(−3.704)

(13.615)

Foreign_rate

−0.1128^***

0.9749^***

(−3.000)

(16.717)

_cons

−4.4776^***

−12.5728^***

−4.4783^***

−12.5940^***

(−36.536)

(−74.937)

(−36.540)

(−75.090)

Control

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Idcode

Yes

Yes

Yes

Yes

N

275422

275422

275422

275422

Adj-R²

0.829

0.894

0.829

0.894